The Cyprus Statistical Service has carried out a new study analysing the salaries of the island's residents in different sectors of the economy in 2023.
Over the course of the year, the average monthly income of Cypriots rose by 7.3%.
At the same time, the best paid sector was the financial sector, where professionals earned an average of €4,493 per month, 12 per cent more than in 2022. The lowest pay was recorded in agriculture, at 924 euro per month, highlighting the significant gap between these sectors. The information and communication sector comes second in terms of salaries, with a salary of 3,899 euros per month. By 2023, salaries for professionals in this sector will have increased by 14.5%.
Agriculture, forestry and fishing was the lowest-paid sector in Cyprus, with average monthly earnings increasing by just 0.7% to €924.
The salaries of women, in particular, continue to lag behind: 46.4 per cent of them earn less than €1 500 a month, while only 38.2 per cent of men earn less than €1 500. On average, Cypriots earn €2,377 per month, while foreign workers earn slightly less - €2,334. At the same time, the latter's income is growing faster. In 2023, salary growth for foreigners will be 10.9 per cent, compared to 5.7 per cent for locals.
The electricity, gas and air conditioning sector is one of the most lucrative, with an average salary of €3,392 per month in 2023. This is followed by the mining sector with an income of €3,336. Employees in public services, including education, will earn an average of €3,320 per month in Cyprus in 2023, an increase of 8.3% compared to the previous year.
In public administration and defence, salaries increased by 6.5% to €3,152. Earnings in the scientific and technical sector were €2,827 and in transport and storage €2,528. Arts and entertainment professionals earned an average of €2,086 per month, while real estate agents earned €2,042. In manufacturing, professionals earned an average of €1,777 per month, and in construction €1,752. In trade, the average income was 1,700 euro, while hotels and restaurants offered their employees only 1,496 euro per month.