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12° Nicosia,
15 June, 2024
 

Cyprus labor costs surge 5.4%

Labor expenses experience significant annual and quarterly growth, reflecting economic shifts

Source: CNA

In the 4th quarter of 2023, the hourly labour costs (total cost) increased by 5.4%, compared with the same quarter of the previous year, according to provisional data, published by the Statistical Service on Tuesday.

The two main components of labour costs, wages and salaries per hour worked and non-wage costs per hour worked increased by 5.6% and 4.6% respectively, compared with the same quarter of the previous year.

The hourly labour cost (total cost), seasonally adjusted, increased by 1.2% compared to the previous quarter. The hourly labour cost that refers to wages and salaries, seasonally adjusted, increased by 1.3% and the non-wage cost, seasonally adjusted, increased by 0.8%.

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Cyprus  |  labor  |  labour  |  economy

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