In 2022, the real monthly gross earnings of employees in Cyprus experienced an annual decline, marking the first such decrease in seven years, highlighting the impact of inflation on individuals’ actual incomes.
According to the annual data released by the Statistical Service of Cyprus (Cystat), the average gross monthly earnings of employees for 2022 amounted to €2,202. This figure represents a 7.1% increase when compared to the previous year in nominal terms.
However, when accounting for inflation using the Consumer Price Index, the average gross monthly earnings in real terms declined by 1.2%. This decline represents the first annual drop in earnings since 2014.
Cystat also reported that the median gross monthly earnings of employees rose to €1,701 in 2022, up from €1,606 in the preceding year.
Further analysis of the data reveals variations in average gross monthly earnings across different economic sectors. For instance, the Agriculture, Hunting, and Forestry sectors recorded the lowest average earnings at €918, while the Financial and Insurance Activities sector reported the highest at €4,011.
Among employees, the largest share, comprising 15.4%, received monthly earnings between €1,000 and €1,249, according to Cystat’s findings.