Nicosia: ?ourly labour costs, encompassing the total cost, surged by 4.8% in the first quarter of 2025 compared to the same period in the previous year, as revealed by figures from the Cyprus Statistical Service.
According to Cyprus News Agency, the announcement made by CyStat on Monday highlighted that the two primary components of labour costs-wages and salaries per hour worked, along with non-wage costs per hour worked-saw increases of 4.8% and 4.9% respectively, when compared to the first quarter of the previous year.
Furthermore, the data indicated that the seasonally adjusted hourly labour cost, which represents the total cost, rose by 1.3% from the preceding quarter. This increase was mirrored in the seasonally adjusted hourly labour cost for wages and salaries, which also grew by 1.3%, while the non-wage cost increased by 1.5%, as reported by CyStat.