Cyprus wage growth steady but below EU momentum

Eurostat on Wednesday announced that the average annual full-time adjusted salary for employees in the EU surged by 5.2 per cent in 2024, however, Cyprus saw its average remain significantly below the bloc’s mean.

The data, which is adjusted to express part-time salaries as full-time equivalents, showed a continuous climb in wages across the Union.

Despite this trend, Cyprus’ average salary, while increasing, did not keep pace with the EU average.

Specifically, the average annual full-time adjusted salary in Cyprus stood at €27,611 in 2024, according to Eurostat.

This figure represents a rise from €26,668 in 2023 and €24,203 in 2022, illustrating a consistent upward trend.

Despite this growth, the 2024 figure for Cyprus remains substantially lower than the overall EU average, which reached €39,808.

The European Union average for 2024 (€39,808), marked a 5.2 per cent increase from the €37,840 recorded in 2023.

At the top of the pay scale, Luxembourg reported the highest average annual full-time adjusted salary at €82,969. It was followed by Denmark at €71,565 and Ireland at €61,051.

Conversely, the lowest average salaries within the EU were recorded in Bulgaria at €15,387, Greece at €17,954, and Hungary at €18,461.

The full table shows that in 2024, Germany saw an average of €53,791, France reported €43,790, Belgium reached €59,632, and Malta recorded €33,499, while Italy’s average was €33,523.

The average salary growth highlights the continued divergence of earnings across the bloc, with Cyprus remaining in the lower-middle tier despite its positive national increase.