Filenews 31 March 2025
Cyprus is neither in the expensive nor the cheap zone of the European ranking in terms of the average hourly labour cost corresponding to employees and is 11.34% lower than the European average according to the Eurostat survey.
In Cyprus, hourly labour costs were €21 from €20 in 2023, an increase of €1 in one year.
The comparison with 2008 shows that in 16 years the hourly labour cost increased by 25.74% and from €16.7 to €21.
The data announced on Friday for 2024 show the great inequalities that exist in the workplace in Europe and within the economies of each country, as some sectors offer high payments and some lower.
In 2024, average hourly labour costs were estimated at €33.5 in the EU and €37.3 in the euro area.
However, this average covers significant gaps between EU countries, with hourly labour costs ranging from €10.6 in Bulgaria to €55.2 in Luxembourg.
Eurostat reports that between 2023 and 2024, hourly labour costs across the economy increased by 5% in the EU and by 4.5% in the euro area.
Within the euro area, the largest increases were recorded in Croatia (+14.2%), Latvia (+12.1%), Lithuania (+10.8%) and the lowest in the Czech Republic (+1.3%), followed by Finland (+1.8%) and Luxembourg (+2.1%).
For EU countries outside the euro area, hourly labour costs also increased in all countries, with the largest variations recorded in Romania (+14.2%), Bulgaria (+13.9%), Hungary (+13.6%) and Poland (+12.8%).
But which category is paid the most in Cyprus, according to the data provided by Eurostat.
Public administration is the sector with the highest payments, with the average hourly cost being €31.1 while in the Eurozone €34.2 and in all European countries €37.5.
Industry is the sector in Europe with the highest payouts of €39.8 per hour, while in Cyprus it offers the lowest wages of €16 per hour.
In construction in Europe "29" the average hourly cost is €33.4 and in Cyprus €16.7, in the business economy sector the average hourly payments were €19.2 in 2024, in the Eurozone €33.2 and in Europe as a whole €37.2 per hour.
In the services sector, the average hourly payment cost was €20.4 in Cyprus, €33.3 in the Eurozone and €36.4 in Europe as a whole.
But let's see in detail what is happening in other countries.
The average hides significant differences between EU countries, with the lowest hourly labour costs recorded in Bulgaria €10.6, Romania €12.5 and Hungary €14.1 and the highest recorded in Luxembourg €55.2, Denmark €50.1 and Belgium €48.2.
In Greece the average hourly payment was €16.7, in Latvia €15.1, in Lithuania €16.3, in the Czech Republic €18.2, Poland €17.3, Portugal €18.3, Malta €19.1.
In the other countries, the average hourly labour costs were Germany €43.4, France €43.7, Ireland €42.5, Slovenia €27.1, Spain €25.5, Italy €30.9, Netherlands €45.2, Austria €44.2, Finland €37.7 and Sweden €40.3.
