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Labour cost rose 3.8% in Q4 2022

11:52 - 20 March 2023

Economy

Cyprus’ labour cost rose by an annual 3.8% in the fourth quarter of 2022 compared with Q4 of the previous year, according to provisional data by Cystat.

The two main components of labour cost, wages and salaries per hour worked and non-wage costs per hour worked, increased by 3.7% and 4.1% respectively, year on year.

On a seasonally adjusted basis, the hourly labour cost rose by 0.6% compared to the previous quarter. The hourly labour cost that refers to wages and salaries, seasonally adjusted, increased by 0.8%, whereas the non-wage cost decreased by 0.2%.

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