The profit of the business sector decreased in the 3rd quarter

According to Statistics Estonia, in the 3rd quarter of 2016, the total profit of the business sector was 856 million euros, which was 4% less than in the same period a year before.

Compared to the 3rd quarter of 2015, total profit decreased in almost all economic activities. The biggest contribution to total profit was made by trade and transportation and storage enterprises. The growth in the profit of the business sector was negatively influenced mostly by manufacturing and information and communication enterprises.

In the 3rd quarter of 2016, enterprises sold goods and services for 12.6 billion euros, which was 2% more than in the same period a year before. The turnover of trade enterprises, having the biggest share in the total turnover of the business sector, increased 3%, influenced mostly by an increase in the turnover of wholesale trade. The growth was supported also by retail and motor trade. The turnover of manufacturing enterprises increased 1%.

Compared to the same period a year before, the total expenditure of enterprises increased 3%, which includes a 5% increase in personnel expenses. The number of persons employed increased 3% and the number of hours worked stayed on the level of the previous year. The labour productivity of the business sector on the basis of value added amounted to an average of 5,800 euros per person employed per quarter, remaining on the level of the previous year.

The investment activity of enterprises continues to be low. In the 3rd quarter of 2016, enterprises invested 487 million euros, which was 14% less than in the same period the year before. The investments were made mostly in machinery and equipment and buildings. The main investors were transportation and storage, manufacturing and trade enterprises, contributing about a half of the total investments of all enterprises. Compared to the 3rd quarter of 2015, only investments in transport equipment increased, while other investments fell.Diagramm: Total profit of the business sector, 1st quarter 2010 – 3rd quarter 2016

The statistics are based on the questionnaire “Economic activity, quarter”, the submission date of which was 20 October 2016. Statistics Estonia published the quarterly summary in 31 working days. For the statistical activity “Financial statistics of enterprises”, the main representative of public interest is the Ministry of Economic Affairs and Communications, commissioned by whom Statistics Estonia collects and analyses the data necessary for conducting the statistical activity

Source: Statistics Estonia

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