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 euros 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 more than women, with average monthly earnings of €2,390 for men compared to €2,015 for women. The gender pay gap continues to be a point of discussion, as women make up a larger proportion of those in lower income brackets.
Recent Eurostat data show the mean salary in Cyprus stays relatively modest compared to some wealthier EU states, but it reflects steady improvements in the local economy.
