Photo: Andres Haabu
Third quarter business sector profits see 21% increase on year
According to information released by Statistics Estonia on Wednesday, in the third quarter of 2018, Estonia’s business sector saw a total profit of €871 million, up 21% compared to the same quarter last year.
Compared to the third quarter of 2017, total profits increased in most economic activities. Manufacturing, real estate and trade enterprises contributed the most to the total profit of Estonia’s business sector.
In the third quarter of 2018, enterprises sold goods and services for €15.5 billion, ie 12% more than during the same period last year. The turnover of trade and manufacturing enterprises, which have the biggest share in the total turnover of the business sector, increased by 11% and 6%, respectively, on year.
Compared to the same quarter of the previous year, the total expenditure of enterprises increased by 12%, including an 11% increase in labour costs. The number of persons employed increased by 4%, while the number of hours worked by 2% on year. On the basis of value added, the business sector’s labour productivity amounted to an average of €6,200 per quarter per person employed, ie one tenth more than in the third quarter of 2017.
In the third quarter of 2018, enterprises invested €541 million, which is 13% more than during the same period last year. These investments were made primarily in machinery and equipment, as well as in buildings. Primary investors included manufacturing, energy, real estate and trade enterprises, which accounted for more than half of the total investments of all enterprises. Compared to the third quarter of 2017, investments in buildings, transport equipment and in machinery and equipment increased, while other investments decreased.