The hourly labor cost (total cost) in Cyprus recorded an increase of 4.9% in the first quarter of 2024 compared to the corresponding quarter of the previous year, according to data released on Monday by the Statistical Service of Cyprus.

As mentioned, the two components of labor cost, wages and salaries per hour worked and non-wage costs per hour worked, increased by 4.5% and 6.5%, respectively, compared to the corresponding quarter of the previous year.

The hourly labor cost (total cost), seasonally adjusted, increased by 1.4% compared to the previous quarter.

The hourly labor cost related to wages and salaries, seasonally adjusted, increased by 1.1%, and the hourly non-wage cost, seasonally adjusted, increased by 2.6%.