The profit of the business sector increased in the 2nd quarter

Compared to the 2nd quarter of 2016, total profit increased in most economic activities. The biggest contribution to the total profit of the business sector was made by transportation and storage, and manufacturing enterprises. The growth in the sector’s profit was negatively affected mainly by real estate and information and communication enterprises.

In the 2nd quarter of 2017, enterprises sold goods and services for 14.0 billion euros, which was 10% more than in the same period of the previous year. The turnover of trade enterprises, which have the biggest share in the total turnover of the business sector, increased 9%, mainly due to an increase in the turnover of wholesale trade. The growth was supported also by retail and motor trade. The turnover of manufacturing enterprises increased 4% year over year.

Compared to the same period a year before, the total expenditure of enterprises increased 10%. Personnel expenses also increased 10%. The number of persons employed increased 4% and the number of hours worked 2%. Labour productivity of the business sector on the basis of value added amounted to an average of 5,890 euros in a quarter per person employed, i.e. 9% more than in the 2nd quarter of 2016.

The investments of enterprises resumed growth at the beginning of this year. In the 2nd quarter of 2017, enterprises invested 636 million euros, which was 27% more than in the same period the year before. The investments were made mostly in machinery and equipment, transport equipment and buildings. The main investors were transportation and storage, trade, and manufacturing enterprises, accounting for more than a half of the total investments of all enterprises. Compared to the 2nd quarter of 2016, all investments increased, with the biggest increase registered in investments in transport equipment.

The statistics are based on the questionnaire “Economic activity, quarter”, the submission date of which was 21 July 2017. Statistics Estonia published the quarterly summary in 27 working days. For the statistical activity “Financial statistics of enterprises (quarterly)”, 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.