In 2022, Cyprus experienced its first annual drop in real monthly gross earnings in seven years, highlighting the impact of inflation on real incomes.

The Statistical Service of Cyprus disclosed annual figures that put the average gross monthly earnings of employees in 2022 at €2,202. This figure denotes a 7.1% rise in monetary terms compared to the previous year.

However, when adjusted for inflation using the Consumer Price Index, the real value of these earnings saw a decrease of 1.2%. This marks the first such dip since 2014.

Cystat also reported that the median gross monthly earnings for employees in 2022 stood at €1,701, up from €1,606 in 2021.

Breaking down the average earnings by economic sector, employees in the Agriculture, Hunting, and Forestry sector earned around €918 monthly. In contrast, those in the Financial and Insurance Activities sector earned an impressive €4,011 on average each month.

Moreover, Cystat revealed that the largest group of earners, representing 15.4% of employees, received between €1,000 and €1,249 monthly.

Furthermore, according to preliminary data, the average gross monthly earnings of employees during the second quarter of 2023 are estimated to be €2,250. This marks a rise from the €2,091 recorded in the second quarter of 2022, reflecting an increase of 7.6%.

When adjusted for seasonal fluctuations, the average gross earnings for Q2 2023 are estimated at €2,346. This showcases a 1.6% increase compared to the first quarter of 2023.

Diving deeper into the gender-specific data, the average gross monthly earnings for men in Q2 2023 are projected to be €2,437, while for women, it's estimated at €2,016. Compared to Q2 2022, the monthly earnings for men have risen by 8.3% and for women by 6.2%.