Cypriot hourly wages still below EU average

In 2022, the average hourly wages and salaries in the whole economy were estimated to be 15.6 euros in Cyprus, 22.9 euros in the EU and 25.5 euros in the euro area, according to data released by Eurostat, the statistical service of the EU. Compared with 2021, they increased by 7.5% in Cyprus, by 4.4% in the EU and by 4.0% in the euro area.

Within the euro area, hourly wages and salaries grew among all members. They increased the least in Italy, Malta and Finland (+2.3% each) and the most in Lithuania (+13.4%), Estonia (+8.8%) and Croatia (+8.7%).

For EU countries outside the euro area, the hourly wages and salaries expressed in national currency also increased in all countries.

They increased the least in Denmark (+2.2%) and Sweden (+3.0%) and the most in Hungary (+16.4%), Bulgaria (+15.5%), Romania (+12.3%) and Poland (+11.7%).

In 2022, compared with 2021, hourly wages and salaries in the euro area rose by 2.9% in the (mainly) non-business economy and by 4.4% in the business economy: +3.9% in industry, +4.9% in construction and +4.5% in services.

In the EU, hourly wages and salaries grew by 3.2% in the (mainly) non-business economy and by 4.9% in the business economy: +4.6% in industry, +5.2% in construction and +5.0% in services.

In Cyprus, there was a 7.5% increase in industry, a 4% increase in construction and a 9.7% increase in services.

In the EU, the economic activities that recorded the highest annual increases in hourly wages and salaries in 2022 were mining and quarrying (+9.6%), followed by professional, scientific and technical activities (+6.4%) and electricity, gas, steam and air conditioning supply along with financial and insurance activities (both +5.6%).

In Cyprus, the economic activities that recorded the highest annual increases in hourly wages and salaries in 2022 were accommodation and food service activities (+24.5%), arts, entertainment and recreation (+19.2%), information and communication (+13.1%) and administrative and support service activities (+9%).