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Cyprus saw a notable increase in average salaries in 2023. According to the latest figures from the Cyprus Statistical Service, the average gross monthly salary for employees on the island reached €2,363 in 2023, a 7.3% rise compared to the previous year. This increase follows a trend observed in recent years, as the salary increase in 2022 was 7.1%.
The rise in earnings reflects broader economic trends and sector-specific growth, particularly in industries like information and communication technology (ICT) and financial services. These sectors saw significant salary hikes, with ICT leading the way with a 14.5% increase. Meanwhile, lower wage growth was recorded in sectors such as agriculture, where salaries remained relatively flat.
In terms of gender disparity, men earned slightly more than women, with average monthly earnings of €2,390 for men compared to €2,015 for women. The overall gender pay gap continues to be a point of discussion, as women make up a larger proportion of those in lower income brackets.
These salary trends are part of a broader pattern across Europe. According to recent data from Eurostat, the average salary in Cyprus remains relatively modest compared to some wealthier EU countries, but it reflects steady improvements in the local economy.
In 2023, the average salary in Cyprus was reported to be approximately €2,250 per month, which equates to around €27,000 annually. This figure represents a year-on-year growth of 7.6%, reflecting the country’s steady economic improvement.
When compared to other EU countries, Cyprus ranks relatively higher than some Eastern European nations like Bulgaria, where the average monthly salary is around €1,205.
However, it is still far below the higher-paying countries in Europe. For instance, Luxembourg tops the list with an average annual salary of €81,100, and other high earners include Denmark (€67,600) and Ireland (€58,700).
On the lower end, countries such as Bulgaria (€13,500) and Hungary (€16,900) report much lower average annual earnings, placing Cyprus in the middle range within the EU.
Overall, Cyprus’ salaries continue to improve, aligning with broader economic trends in Southern Europe. However, they remain significantly below the EU average of €37,900.
With information from Euronews and Cyprus Next
