Business sector profit same as 2Q last year

According to Statistics Estonia, in the 2nd quarter of 2014, the total profit of the business sector was 836 million euros, remaining the same compared to the 2nd quarter a year ago.

The biggest contribution to the growth in profit was made by agriculture, manufacture, transportation and storage, and real estate activities. The growth in the profit of the business sector was negatively influenced mostly by construction and wholesale activities. The profit of manufacturing, which holds the largest share in the total profit of the business sector, increased 9%, mainly due to the increase in profits in the manufacture of food and in the export-oriented manufacture of wood and metal products.

In the 2nd quarter of 2014, enterprises sold goods and services for 12.9 billion euros, which was 1% more than in the same period a year ago. The turnover of trade and manufacturing enterprises, which have the biggest share in the total turnover of the business sector, remained on the level of the previous year. The biggest increase occurred in the turnover of enterprises specialising in the professional, scientific and technical activities.

Compared to the 2nd quarter of 2013, the total costs of enterprises increased also 1%. Personnel expenses increased 7%. The number of persons employed and the number of hours worked increased 1% and 4%, respectively. The labour productivity of the business sector on the basis of the value added amounted to an average of 5,700 euros per person employed in a quarter and was 3% higher than in the 2nd quarter of 2013.

The investment activity of enterprises continues to decrease. In the 2nd quarter of 2014, enterprises invested 529 million euros, which was 17% less than in the same period of the previous year. The largest investments were made mainly in buildings, equipment and machinery. The main investors were agricultural, manufacturing and trade enterprises with more than a half of the total investments of enterprises. Compared to the 2nd quarter of 2013, investments in land and in the acquisition of buildings increased. Other investments decreased, with investments in equipment and machinery declining the most.

Total profit of the business sector, 1st quarter 2010 – 2nd quarter 2014

Diagram: Total profit of the business sector, 1st quarter 2010 – 2nd quarter 2014

 

Source: Statistics Estonia

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