Cyprus’s hourly labour costs remain 11.34% below the European average despite a year-on-year increase, according to data released by Eurostat.
The hourly labour cost in Cyprus reached €21 in 2024, up from €20 in 2023, representing a 25.74% increase over the past 16 years from €16.7 in 2008.
The figures reveal significant disparities across European labour markets, with hourly costs ranging from €10.6 in Bulgaria to €55.2 in Luxembourg. The EU average stands at €33.5, while the eurozone average is €37.3.
Within Cyprus, the public administration sector offers the highest compensation at €31.1 per hour, compared to just €16 per hour in the industrial sector, which ranks as the country’s lowest-paying industry.
Between 2023 and 2024, the hourly labour cost across the entire economy increased by 5% in the EU and 4.5% in the eurozone, Eurostat reported.
The most substantial increases within the eurozone were recorded in Croatia (14.2%), Latvia (12.1%), and Lithuania (10.8%), while the Czech Republic saw the smallest rise at 1.3%.
Among non-eurozone EU countries, Romania (14.2%), Bulgaria (13.9%), Hungary (13.6%), and Poland (12.8%) registered the largest increases.
The construction sector in Cyprus pays €16.7 per hour compared to an EU-29 average of €33.4, while services sector workers earn €20.4 hourly against €36.4 across Europe.
Other European countries showed significant variation, with Greece at €16.7, Germany at €43.4, and France at €43.7 per hour.
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