Cyprus’s average annual salary falls significantly below the European Union average, according to new Eurostat data released yesterday, highlighting wage disparities across the bloc.
The EU’s average adjusted full-time annual salary reached €37,900 in 2023, marking a 6.5% increase from €35,600 in 2022. In comparison, Cyprus recorded an average annual salary of €26,430, up from €25,338 in the previous year.
Luxembourg topped the EU rankings with €81,100, followed by Denmark (€67,600) and Ireland (€58,700).
At the opposite end, Bulgaria recorded the lowest adjusted annual salary at €13,500, with Hungary (€16,900) and Greece (€17,000) also among the lowest.
Market analysts, however, suggest these figures may not fully reflect Cyprus’s current wage situation.
The stated average monthly salary of €2,033, calculated by dividing the annual figure by 13 payments, differs significantly from the actual wages received by thousands of workers on the island.
Recent data from the Statistical Service of Cyprus shows that the highest proportion of employees (14.9%) earn between €1,000 and €1,249 monthly.
The data also revealed a gender pay gap, with 46.4% of women earning less than €1,500 monthly compared to 38.2% of men.
By sector, monthly salaries in 2023 ranged from €924 in agriculture, forestry and fishing to €4,493 in financial and insurance activities.
The information and communication technology sector saw the highest year-on-year increase at 14.5%.
The figures come as Cyprus reports a 4.9% increase in household disposable income for 2023, though rising living costs and rental prices continue to strain many workers’ purchasing power.
