Average gross monthly earnings of employees in Cyprus rose 2.9 percent year-on-year to EUR 2,222 in the fourth quarter of 2018, the same pace as in the previous period. It was the biggest increase in wages since the last quarter of 2011, as wages for females went up 3.1 percent to EUR 2,050 and those for males increased 2.7 percent to EUR 2,364. Compared to the previous three-month period, seasonally adjusted wages dropped 0.2 percent to EUR 1,949. Wage Growth in Cyprus averaged 1.90 percent from 2004 until 2018, reaching an all time high of 7.10 percent in the third quarter of 2008 and a record low of -3.40 percent in the fourth quarter of 2013.
Wage Growth in Cyprus is expected to be 0.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Wage Growth in Cyprus to stand at 0.93 in 12 months time. In the long-term, the Cyprus Wage Growth is projected to trend around 0.80 percent in 2020, according to our econometric models.