Average salaries in Cyprus continued to rise in 2024, though at a slower pace compared to the previous year, according to new estimates released by the Statistical Service of Cyprus (Cystat).

The average gross monthly earnings of employees reached €2,483 in 2024, up from €2,363 in 2023, representing a 5.1% annual increase. In contrast, the growth rate in 2023 had been a stronger 7.3%, signaling a gradual slowdown in wage expansion across the Cypriot economy.

Similarly, median gross monthly earnings rose from €1,792 in 2023 to €1,881 in 2024, marking a 5% increase.

In reality, after taxes, the net median salary in Cyprus ranges between €1,632 and €1,657, depending on whether a 13th salary is included.

The largest share of employees (14.2%) falls within the income group earning between €1,000 and €1,249 per month. They are followed by employees earning €1,250–€1,499 (11.6%) and those earning €1,500–€1,749 (11.2%), highlighting that nearly four in ten workers earn less than €1,750 a month.

Cystat’s data show considerable variation in salaries across different sectors. In 2024, average gross monthly earnings ranged from €941 in Agriculture, Forestry and Fishing to €4,710 in Financial and Insurance Activities, which remain the highest-paying sector in Cyprus.

Two sectors experienced slight decreases in average pay:

• Real Estate activities (-2%), and

• Mining and Quarrying (-0.8%).

Among the growing sectors, Information and Communication recorded the largest annual increase (8.1%), followed by Human Health and Social Work (7.6%) and Water Supply, Waste Management, and Sanitation (6.9%).

When broken down by nationality, Cypriot employees earned an average of €2,506 per month, compared to €2,434 for non-Cypriots. Annual wage growth was 5.4% for Cypriots and 4.3% for non-Cypriots.

Median gross monthly earnings stood at €2,053 for Cypriots and €1,544 for non-Cypriots.

Interestingly, non-Cypriot employees were overrepresented in both the lowest wage brackets (below €1,500) and the highest wage groups (above €6,000) — indicating a more polarized income distribution among foreign workers.