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

Compared to the 3rd quarter of 2016, total profit decreased in most economic activities. Construction, agricultural and manufacturing enterprises made the biggest contribution to the total profit of the business sector. The growth in the sector’s profit was negatively affected mainly by wholesale and real estate enterprises.

In the 3rd quarter of 2017, enterprises sold goods and services for 13.9 billion euros, i.e. 10% more than in the same period of the previous year. The turnover of trade and manufacturing enterprises, which have the biggest share in the total turnover of the business sector, increased 7% and 5%, respectively. The biggest increase occurred in the turnover of enterprises specialising in water supply, sewerage, waste management and remediation activities.

Compared to the same period a year before, the total expenditure of enterprises increased 11%, including a 9% increase in personnel expenses. The number of persons employed increased 3% and the number of hours worked 2%. Labour productivity of the business sector on the basis of value added amounted to an average of 5,800 euros in a quarter per person employed, staying the same as in the 3rd quarter of 2016.

In the 3rd quarter of 2017, enterprises invested 477 million euros, which was 2% less than in the same period the year before. The investments were made mostly in machinery and equipment, and buildings. The main investors were manufacturing, energy, trade, and transportation and storage enterprises, accounting for more than a half of the total investments of all enterprises. Compared to the 3rd quarter of 2016, investments in buildings, computers, and equipment and machinery increased. Investments in transport equipment and land decreased.

The statistics are based on the questionnaire “Economic activity, quarter”, the submission date of which was 21 October 2017. Statistics Estonia published the quarterly summary in 26 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.