Financial statistics of enterprises

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Financial statistics of enterprises improved in 2016

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Märt Leesment

After a few years of stagnation, 2016 can be considered rather successful for enterprises – the turnover, investments as well as the number of active enterprises increased by 4%. The improved results were reflected also in profits – the profit for the reporting year increased by 11%. Productivity indicators improved also.

Profit in reference year, investments in fixed assets (incl. financial leasing) and turnover per person employed, 2006‒2016

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Financial statistics of enterprises

article
Hille Vares, Reet Nestor
– Eesti Statistika Kvartalikiri. 2/17. Quarterly Bulletin of Statistics Estonia (p. 84)

The activities of Estonian enterprises in 2015 were characterised by stability. The main economic indicators of enterprises – turnover, expenses and investments – remained on the level of the previous year; net profit, however, continued to decrease. The annual growth in personnel expenses remained on the level of the recent years, i.e. within 6–7% and surpassed the growth in both turnover and productivity. Productivity indicators decreased compared to the previous year due to increased employment in enterprises. According to preliminary data, in 2016, the turnover of enterprises increased slightly and personnel expenses continued to rapidly increase, affecting the steady decline in profits and modest investment activities. The following provides an overview of financial statistics of enterprises in 2015.

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Financial statistics of enterprises

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Reet Nestor
– Eesti statistika aastaraamat. 2016. Statistical Yearbook of Estonia (p. 218)

Enterprises have an important role in the development of the Estonian economy. In 2014, about 73,500 non-financial enterprises operated in Estonia – 2,300 enterprises more than in 2013. The redundancies caused by the economic crisis and the economic growth that followed the crisis boosted the creation of new enterprises in 2010–2013. In this period, the number of enterprises increased quickly – 6–8% per year. In 2014, business activity declined and the number of active enterprises increased 3% compared to the previous year.

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Financial statistics of enterprises

article
Reet Nestor
– Eesti statistika aastaraamat. 2015. Statistical Yearbook of Estonia (p. 220)

Enterprises have an important role in the Estonian economy – in the formation of the gross domestic product, non-financial corporations accounted for 71% of the value added in 2013. The value added at factor cost created by enterprises was about 11 billion euros – 6% more than a year earlier. After the years of the economic crisis, enterprises experienced fast economic growth for a while. The enterprises’ revenue from the sale of goods and services as well as productivity increased, profit increased sharply, salaries and wages improved with a slight delay. The strong growth fell back in 2012 and a year later economic growth decelerated even more. Only the increase in personnel expenses continued at a faster rate than the growth of turnover and productivity.

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Social entrepreneurship in Estonia

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Riinu Lepa, Agnes Naarits
– Eesti Statistika Kvartalikiri. 1/15. Quarterly Bulletin of Statistics Estonia (p. 124)

The article outlines the nature of social enterprises and their impact on the Estonian economy. Is social entrepreneurship, as it is defined in Europe, widespread in Estonia? What are the Estonian social enterprises like and how are they doing? In a 2014 pilot study financed by the European Commission, answers were sought to these questions.

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Financial statistics of enterprises

article
Reet Nestor
– Eesti statistika aastaraamat. 2014. Statistical Yearbook of Estonia (p. 216)

In 2012 the development of the enterprise sector stabilised, after two good years of recovery following the economic crisis. The economic indicators of the business sector improved, but the growth rate slowed down. After the stagnation in 2009, business activity has steadily increased. There were 66,000 non-financial corporations (hereinafter enterprises) operating in Estonia in 2012 – 4,000 or 7% more than the year before. The growth in the number of enterprises was the result of the creation of micro-enterprises (with fewer than 10 persons employed), which accounted for 90% of the total number of enterprises. Every fourth enterprise created in 2012 was engaged in trade. Compared to the previous year, the number of enterprises engaged in retail sale via mail order or the Internet increased quicker, as did the number of enterprises selling computers and telecommunications equipment and second-hand goods in specialised stores. Every second newly created enterprise started to operate in the service sector, where the more popular activities were management consultancy, accounting and bookkeeping, but also programming. Every eighth enterprise created in 2012 specialised in construction, which is still recovering from the recession.

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Global value chains

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Tiina Pärson, Aavo Heinlo
– Eesti Statistika Kvartalikiri. 3/13. Quarterly Bulletin of Statistics Estonia (p. 73)

The article offers a concise overview of the results of the international survey Global Value Chains and International Sourcing in 2009–2011. The survey was conducted in 2012 in several European Union Member States, including Estonia, and in Norway.

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Financial statistics of enterprises

article
Reet Nestor
– Eesti statistika aastaraamat. 2013. Statistical Yearbook of Estonia (p. 213)

Upturn in the level of business activity, increase in production output, greater employment and improved financial situation of enterprises – these are all signs that enterprises are recovering from the crisis. There were almost 62,000 non-financial corporations (hereinafter enterprises) operating in Estonia in 2011 – 3,600 more than in 2010 and 20,000 more than in 2005. After the stagnation in 2009, business activity has steadily increased. The growth in the number of enterprises is the result of the creation of micro-enterprises (with less than 10 persons employed). In 2011, there were 7% more micro-enterprises than in 2010 and they accounted for almost 90% of the total number of enterprises. The number of enterprises in the other size classes depends on the overall economic situation: it decreases in times of recession and increases as production output and employment increase. In comparison with 2010, enterprises have recovered from the crisis and increased employment. Therefore, the number of medium-sized and large enterprises has increased as well. At the same time, micro-enterprises hold a steadily increasing share in both the number of enterprises and in the indicator values.

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Business sector’s investments

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Merike Sinisaar, Rita Raudjärv, Lilian Bõkova
– Eesti Statistika Kvartalikiri. 4/12. Quarterly Bulletin of Statistics Estonia (p. 66)

Investment means the long-term allocation of capital with the purpose of generating revenue. The invested capital is usually money, which can be invested in equipment, real estate, livestock, securities, precious metals, and so on. Enterprises’ investment opportunities depend on their profits as well as on the lending conditions of banks. The possibility for tax-free reinvestment of net profit (available since 2000) has also fostered investment by enterprises. The article focuses on the business sector’s investments in the period 2005–2010, with some data for 2011 also provided.

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