Unexpected earnings dip in 2022 at €2,202

In a surprising turn of events, Cyprus witnessed its first annual drop in monthly earnings after seven prosperous years. According to the Statistical Service of Cyprus (Cystat), the average gross monthly earnings for 2022 soared to €2,202, a notable 7.1% increase compared to the previous year.

However, this apparent growth crumbled when confronted with the relentless rise in consumer prices. In real terms, adjusted for inflation, these earnings stumbled by 1.2%, marking the first such decline since 2014.

Delving further into the statistics, the median gross monthly earnings for employees reached €1,701 in 2022, up from €1,606 the previous year. These numbers reflect a complex economic landscape where disparity prevails.

The differences by economic activity are striking, ranging from a meager €918 in the Agriculture, Hunting, and Forestry sector to a staggering €4,011 in the Financial and Insurance Activities sector.

Notably, a substantial 15.4% of employees found themselves in the €1,000 to €1,249 earnings bracket. This data paints a vivid picture of the challenges faced by the workforce in Cyprus, grappling with the dual forces of rising inflation and income inequality.

These revelations, sourced from the Social Security Services File, serve as a stark reminder of the economic intricacies shaping the lives of Cypriot employees. As the nation navigates these turbulent economic waters, questions about the sustainability of income levels and the impact of inflation continue to loom large.

[With information sourced from Lemesos Blog]