Newsroom / CNA
According to provisional data released by the Statistical Service on Friday, hourly labor costs in Cyprus saw a 5% increase in the first quarter of 2023 compared to the same period the previous year.
The data reveals that the two main components of labor costs, namely wages and salaries per hour worked, and non-wage costs per hour worked, experienced increases of 5.2% and 4.3%, respectively, compared to the same quarter in the previous year.
On a seasonally adjusted basis, the total hourly labor cost rose by 1.7% when compared to the previous quarter. Specifically, the seasonally adjusted hourly labor cost pertaining to wages and salaries increased by 1.6%, while the seasonally adjusted non-wage cost rose by 2.2%.
It is important to note that the Statistical Service has adopted a new base year of 2020 (2020=100) and has made adjustments to the estimation of variables based on the methodology used and the results of the Labor Cost Survey conducted in 2020.
