Eurostat has carried out a new study to find out what the average annual salary will be in 2023 in the EU and its Member States.
The top three are: Luxembourg (81.100 euros), Denmark (67.600 euros) and Ireland (58.700 euros). On the other hand, the lowest average annual full-time earnings will be recorded in Bulgaria (13,500 euro), Hungary (16.9 thousand euro) and Greece (17,000 euro).
On the other hand, the average annual salary of full-time employees in the EU in 2023 was 37.9 thousand euro, an increase of 6.5% compared with 2022, when it was 35.6 thousand euro.
In Cyprus, the average annual salary in 2023 was 26,430 euro, compared with 25,338 thousand euro the previous year.
Interestingly, the Cyprus Statistical Service earlier released data on the average gross salary in Cyprus in 2023. According to the service's report, it reached €2,363 which is 7.3% higher than the level in 2022. As for the median salary in 2023, it also increased by 7.1% to €1,792.
Interestingly, salaries in Cyprus vary considerably depending on the sector. It turns out that employees in the information and communication technology (ICT) and financial services sectors earn the most in the island nation.
The ICT sector recorded the highest annual wage growth at +14.5%, followed by mining and quarrying (+12.8%), finance and insurance (+12%) and administrative services (+10%). In contrast, agriculture, hunting and fishing had the smallest increase (+0.7%).
The majority of employees (+14.9%) in Cyprus earn between 1,000 and 1,249 euro per month. At the same time, 11.7% have an income between €1,250 and €1,499 while 10.8% have an income between €1,500 and €1,749.
The average gross monthly salary of Cypriots is €2,377, an increase of 5.7% compared to last year. The average income of foreigners reached €2,334 (+10.9%). At the same time, the average income of Cypriots remains at €1,938 thousand and that of foreigners at €1,463, showing a significant gap between these categories.
The range of salaries also varies widely by sector, from €924 per month in agriculture to €4,493 in finance.