The average monthly gross earnings of employees in Cyprus reached €2,363 in 2023, marking a 7.3% increase compared to 2022, according to the Cyprus Statistical Service. For 2022, the corresponding increase was 7.1%.

The median earnings were reported at €1,792. Significant differences in wages are observed based on gender, nationality, and industry, with the ICT and Financial Activities sectors showing the highest growth.

Median earnings provide a better representation of the true wage situation than average earnings because they are less influenced by extreme values. Average earnings can be skewed by a small number of individuals with very high salaries, giving a distorted view of typical earnings. In contrast, median earnings reflect the midpoint of the income distribution, offering a more accurate picture of what most employees earn.

The highest proportion of employees (14.9%) falls in the pay range of €1,000 to €1,249. This is followed by the groups earning between €1,250 and €1,499 (11.7%) and those earning between €1,500 and €1,749 (10.8%).

There is also a higher concentration of women in the lower wage groups compared to men. Specifically, almost half of the women (46.4%) earn below €1,500, in contrast to 38.2% of men.

The average monthly gross wages by economic sector for 2023 ranged from €924 in the Agriculture, Forestry, and Fishing sector to €4,493 in the Financial and Insurance Activities sector.

Increases were noted across all sectors compared to the previous year, with the highest increase observed in the Information and Communication Technologies (ICT) sector (14.5%). This was followed by the Mining and Quarrying sector (12.8%), Financial and Insurance Activities (12.0%), and Administrative and Support Activities (10.0%). The smallest increase (0.7%) was noted in the Agriculture, Forestry, and Fishing sector and in the Transportation and Storage sector.

The average monthly gross earnings for Cypriots in 2023 were €2,377, while for non-Cypriots they were €2,334. The annual change in average gross monthly earnings for Cypriot employees was 5.7%, compared to 10.9% for non-Cypriot employees.

The median gross monthly earnings for Cypriot employees were €1,938, whereas for non-Cypriot employees they were €1,463.

Non-Cypriot employees have a higher representation in both the lowest (<€1,500) and highest (≥€6,000) wage groups compared to Cypriots. This explains the difference observed between the average and median gross monthly earnings of non-Cypriot employees.

The average monthly gross earnings of Cypriots by economic sector for 2023 ranged from €1,591 in the Agriculture, Forestry, and Fishing sector to €3,758 in the Financial and Insurance Activities sector. For non-Cypriots, the range was from €639 in Agriculture, Forestry, and Fishing to €6,255 in the Financial and Insurance Activities sector.