Cyprus sees rise in hourly labour costs in 2023
The hourly labour cost in Cyprus rose to €20.1 in 2023, compared to €19 in 2022. The hourly labour cost in Greece was €15.7 in 2023, among the lowest in the EU. The lowest hourly labour cost is in Bulgaria at €9.3, and the highest is in Luxembourg at €53.9. In the EU, the hourly labour cost in the industry sector was €32.2 in 2023, and in the construction sector, it was €28.5. The hourly labour cost across the entire economy increased by 5.3% in the EU and by 4.8% in the Eurozone in 2023 compared to 2022. The largest increases were recorded in Croatia, Lithuania, and Estonia. The share of non-wage costs in the total labour cost for the entire economy was 24.7% in the EU and 25.5% in the Eurozone.