Average salary in Cyprus exceeds €2,480

The average gross salary in Cyprus in 2024 reached €2,483, which is 5.1% higher compared to 2023, when it was €2,363. These data were published by the Statistical Service of Cyprus. The median salary, representing the income of half of the working population, was €1,881.

The report notes significant differences in income across sectors. The lowest salaries were recorded in agriculture, forestry, and fishing, averaging €941 per month. The highest incomes were observed in the financial and insurance sectors, where the average salary reached €4,710.

Salary growth was noted in almost all key sectors. In information and communication, salaries rose by 8.1%, in healthcare and social work by 7.6%, and in utilities (water supply, waste management) by 6.9%. Slight decreases were observed only in real estate operations (-2%) and mining (-0.8%).

The report also highlights differences by citizenship. The average salary for Cypriots was €2,506, while foreign employees earned €2,434 on average.

Economists associate the salary increase with gradual labor market recovery and higher minimum wages, but note that inflation and rising living costs partially offset this effect. Overall, experts believe the rise in income reflects the trend toward stabilizing the Cypriot economy and growing demand for skilled workers.