Cyprus sees 4.8 per cent rise in hourly labour costs

Cyprus experienced a 4.8 per cent increase in hourly labour costs during the second quarter of 2024 when compared to the same period from last year.

According to a report from the Cyprus Statistical Service, which utilised preliminary data, the rise in labour costs was attributed to increases in both wages and non-wage costs.

Specifically, hourly wages and salaries saw a 4.4 per cent increase, while non-wage labour costs rose by 6.4 per cent over the year.

Compared to the previous quarter, the seasonally adjusted hourly labour cost, which includes total costs, increased by 1.3 per cent.

Moreover, the service explained that seasonally adjusted hourly wages and salaries also went up by 1.3 per cent.

Finally, the report showed that seasonally adjusted non-wage labour costs experienced a 1.5 per cent increase.