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Cyprus Wage Growth Accelerates In First Quarter 2025 As Earnings Climb 5.4% Year-Over-Year

by THEFUTURE.TEAM

July 29, 2025

Strong Wage Gains In 2025

The state statistical service of Cyprus reported a significant milestone in average gross monthly earnings during the first quarter of 2025. Employees in Cyprus earned an average of €2,509, marking a 5.4% increase from €2,382 recorded in the same period in 2024. This upward momentum reinforces the resilience of the nation’s labor market.

Stable Quarterly Trends

Seasonally adjusted figures further emphasize the robustness of the current wage environment, with earnings increasing by 1.4% when compared to the fourth quarter of 2024. This steady increment signals sustained economic confidence and gradual recovery in the post-pandemic climate.

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Gender Disparity And Earnings Progress

Breaking down the data by gender reveals that male employees earned an average of €2,689, while their female counterparts averaged €2,284 in gross monthly earnings during this period. Both groups enjoyed notable improvements, with wages rising by 5.2% for men and 5.5% for women, reflecting balanced upward trends across the workforce.

Methodology And Comprehensive Earnings Analysis

The statistical service calculates average monthly earnings by dividing total gross earnings before deductions by the number of employees. This comprehensive metric includes basic salaries, cost of living allowances, overtime, holiday fund payments, and additional compensations such as the 13th and 14th salaries and various bonuses.

Economic Implications

The latest report underscores the positive trajectory of wage growth in Cyprus, highlighting a conducive environment for both consumer confidence and broader economic expansion. The reliable data drawn from social insurance records paves the way for more informed policy-making and strategic business decisions in the region.

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Evel Elects New President As Maria Theocharous Takes Over For 2026–2029 Term

by THEFUTURE.TEAM

November 12, 2026

Maria Theocharous has been elected president of the Limassol Chamber of Commerce and Industry (Evel), taking over from Yiannis Tsouloftas for a three-year term covering 2026–2029. Theocharous previously served as the chamber’s vice-president for tourism.

The leadership transition marks a new chapter for one of Cyprus’ main regional business organisations, with the new board set to represent the district’s key economic sectors.

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New Leadership Emphasises Cooperation

The chamber’s annual meeting brought together government, business and local authority representatives, including Energy, Commerce and Industry Minister Michael Damianos, Cyprus Chamber of Commerce and Industry (Keve) president Stavros Stavrou, Limassol district local government organisation president Yiannis Tsouloftas and Limassol mayor Yiannis Armeftis.

Speakers highlighted the importance of closer cooperation between public authorities and businesses in supporting Limassol’s economic development.

Representatives of the Cyprus Shipping Chamber (CSC) also congratulated Theocharous on her election and thanked the outgoing president for his cooperation. The CSC described Evel as a longstanding partner, noting the chamber’s contribution to Limassol’s business development over more than six decades.

Tsouloftas Reviews Six Years As President

In his final address, Tsouloftas reviewed the chamber’s work between 2020 and 2026, highlighting its advocacy for major infrastructure projects and efforts to address development challenges across the district.

He also outlined initiatives to remove obstacles facing local businesses, accelerate development plans and improve the conditions for economic activity.

Tsouloftas will remain involved as immediate past president, providing continuity during the transition.

New Board Covers Key Business Sectors

The new board includes representatives responsible for the chamber’s main portfolios:

Ilikos Charalambous, vice-president for commerce
Vasos Demetriades, vice-president for industry
Christos Nicolaou, vice-president for services
Nicolas Agiomamitis, vice-president for tourism
Ilias Theodorou, vice-president for finance
Demosthenes Mavrellis, vice-president for innovation and technology
Ilias Neocleous, honorary secretary

Other board members are Minos Agathocleous, Marios Antoniou, George Demetriou, Anastasios Kounoudis, Marios Constantinou, Xanthos Nemptsas, Antonis Pappas, Charalambos Pattichis, Chrysis Petousis, Farah Shammas, Andreas Tsouloftas and Kyriacos Hadjiathanasiou.

Costas Ioannides, Agathi Katsi, Anna Petraki, Filippos Filis and Tonis Hadjiloucas have been appointed members by distinction. The chamber also highlighted the growing participation of women in business leadership and decision-making.

Chamber Recognises Longstanding Contributions

The annual meeting also recognised businesses and individuals for their contributions, including members who have maintained continuous membership for 50 years.

Tributes were paid to three former contributors to the chamber, Tonis Antoniou, Dimi Mavropoulos and Andreas Laou, in recognition of their service.

Under Theocharous’ leadership, Evel begins its 2026–2029 term with a board covering commerce, industry, services, tourism, finance and innovation. Its priorities include continuing to represent Limassol businesses and advocating for the investment and cooperation needed to support the district’s economic growth.