Cyprus earnings rise for first time since 2012

Earnings in Cyprus have risen for the first time in four years according to preliminary estimates from the Statistical Service, Cystat.

Cystat reported that the average gross monthly earnings of employees in the fourth quarter of 2016 reached €2,176, compared with €2,167 during the fourth quarter of 2015. This marks an increase of 0.4% year on year.

The last time earnings rose compared with the year earlier was in the fourth quarter of 2012, when they expanded by 0.6%. This was shortly before the financial crisis in March 2013, an international bailout and a long recession.

The average monthly earnings of male employees in the fourth quarter of 2016 are estimated at €2,337, while female employees earned €1,989 - a difference of 15%.

On a seasonally adjusted basis, average monthly earnings rose by 0.3% to €1,879, compared with €1,873 in the third quarter.

Source: InCyprus