Cyprus sees 6.2% increase in average monthly earnings for Q4 2023

The average gross monthly earnings of employees in Cyprus during the fourth quarter of 2023 saw a notable increase compared to the same period in 2022, according to provisional data released by the Statistical Service of Cyprus on Tuesday.

The data revealed that the average gross monthly earnings for the fourth quarter of 2023 amounted to €2,693, marking a significant rise from €2,535 recorded in the fourth quarter of the previous year. This represents a notable increase of 6.2%.

Seasonally adjusted figures for the same period showed that the average gross monthly earnings stood at €2,402, representing a 1.6% increase compared to the third quarter of 2023.

Furthermore, the report highlighted disparities between genders, with male employees earning an average of €2,884 per month and female employees earning €2,452 during the fourth quarter of 2023.

When compared to the fourth quarter of 2022, both male and female employees experienced an increase in their average gross monthly earnings, with males recording a growth of 6.7% and females seeing a rise of 5.5%.

The report sheds light on positive trends in earnings for Cyprus employees, reflecting potential improvements in economic conditions during the specified period.