Labour costs and job vacancies in Cyprus experienced significant increases in the third quarter of 2024, according to a report released by the state’s statistical service on Monday.

According to the report, the hourly labour cost rose by 4 per cent compared to the same quarter last year.

This increase reflects a 4.6 per cent rise in wages and salaries per hour worked and a 1.5 per cent increase in non-wage costs per hour.

On a seasonally adjusted basis, total hourly labour costs grew by 1 per cent compared to the second quarter of 2024.

Moreover, wages and salaries rose by 1.2 per cent, while non-wage costs edged up by 0.3 per cent.

Meanwhile, the number of job vacancies reached 16,010 in the third quarter of 2024, a substantial increase of 30.4 per cent (3,736 more vacancies) compared to 12,274 in the same period of 2023.

What is more, vacancies also rose by 16.2 per cent (2,232 more positions) from the previous quarter.

The vacancy rate, representing the proportion of job openings relative to the total workforce, stood at 3.5 per cent in the third quarter of 2024, up from 3 per cent in the second quarter and 2.9 per cent a year earlier.

The electricity, gas, steam, and air conditioning supply sector recorded the highest vacancy rate at 8.3 per cent, followed by accommodation and food service activities at 6.4 per cent, and arts, entertainment, and recreation at 6.2 per cent.

Construction and manufacturing also reported notable vacancies, with 2,849 and 1,470 unfilled positions, respectively, accounting for vacancy rates of 3.2 per cent and 3.8 per cent.