The average gross monthly salary for employees in Cyprus reached €2,363 in 2023, reflecting a 7.3 per cent increase from 2022, according to the Cyprus Statistical Service.
This follows a 7.1 per cent increase in 2022, with the median monthly salary for 2023 standing at €1,792.
Significant wage differences emerged based on gender, nationality, and sector, with information and communication technology (ICT) and financial services showing the most substantial increases.
In particular, the ICT sector saw the highest annual rise of 14.5 per cent, followed by mining and quarrying (12.8 per cent), financial and insurance activities (12.0 per cent), as well as administrative and support services (10.0 per cent).
The smallest increase of 0.7 per cent was recorded in agriculture, forestry, fishing, and the transport sector.
Salary distribution revealed that the largest proportion of employees (14.9 per cent) earned between €1,000 and €1,249 per month.
This was followed by 11.7 per cent earning between €1,250 and €1,499, and 10.8 per cent earning between €1,500 and €1,749.
Women were found to be more concentrated in lower income brackets, with 46.4 per cent earning below €1,500, compared to 38.2 per cent of men.
In terms of nationality, Cypriots had an average gross monthly salary of €2,377, up by 5.7 per cent year-on-year.
Non-Cypriots earned an average of €2,334, marking a 10.9 per cent increase.
Median monthly earnings for Cypriots were €1,938, whereas, for non-Cypriots, the median was lower at €1,463.
Non-Cypriots were more likely to be represented in both the lowest and highest earning brackets, contributing to the observed difference between their mean and median earnings.
Average salaries by sector varied widely, ranging from €924 per month in agriculture to €4,493 in financial and insurance activities.
For Cypriots, salaries ranged from €1,591 in agriculture to €3,758 in financial services, while for non-Cypriots, earnings spanned from €639 in agriculture to €6,255 in financial services.
