2011 was a successful year for the business sector

In 2011, the growth of the net sales, productivity and total profit of the business sector continued for the second year in a row, but at a slower rate than in 2010. The reason for the slowdown was the abrupt deceleration of the growth rate of manufacturing exports at the end of the year and also a fall in enterprises’ and consumers’ confidence due to the unstable economic situation in Europe.

Compared to 2010, profits increased in all economic activities. Although profit increased the most in accommodation and food service and in construction activities, the total profit of the business sector was mostly influenced by manufacturing.

In 2011, enterprises sold goods and services for 42.1 billion euros, which was 18% more than a year earlier. The net sales of wholesale and retail trade and manufacturing, which have the biggest share in the gross net sales of the total business sector, increased 16% and 27%, respectively.

Compared to 2010, the enterprises’ total costs increased 17%. Personnel expenses increased 11%. The number of persons employed as well as the number of hours worked increased 4%. There was also an increase in the productivity indicators for the second year in a row. The per-hour productivity (total productivity / number of hours worked) of the business sector increased 15%, while the average hourly labour costs increased only 6%.

The year 2011 was a turning point in investing, as the decline in investments that had lasted for three years in comparison with the previous year was replaced by growth. In 2011, enterprises invested 2.3 billion euros, which is 50% more than in 2010. Like in 2010, the biggest investments were made in equipment and machinery and in the construction and alteration of buildings. The biggest investors were manufacturing, energy and transportation and storage enterprises with more than a half of the total investments of enterprises. Only investments in land decreased compared to 2010.

In the 4th quarter of 2011, the enterprises’ net sales of goods and services totalled 11.2 billion euros, which was 14% more than in the same period in 2010 (in the 2nd and 3rd quarter the growth was 19% and 16%, respectively).

In the 4th quarter of 2011, enterprises invested 719 million euros, i.e. 39% more than in the 4th quarter of 2010.

Investments in tangible fixed assets of the business sector, 2001–2011