Cyprus hourly labour costs rise by 4.9 per cent in first quarter

Hourly labour costs (total costs) in Cyprus saw a 4.9 per cent increase during the first quarter of 2024, when compared to the same period during the previous year, according to a report released on Monday by the Cyprus Statistical Service (Cystat).

The report noted that the two components of labour costs, namely wages and salaries per hour worked, and non-wage costs per hour worked, recorded increases of 4.5 per cent and 6.5 per cent respectively, compared to the corresponding quarter of the previous year.