2012 was a successful year for the business sector
According to the preliminary data of Statistics Estonia, in 2012 the total profit of the business sector was 2.9 billion euros, which was 7% more than a year earlier. The increase of enterprise sector’s net sales, productivity and total profit continued for the third year in a row.
Compared to 2011, the total profit increased in almost all economic activities. The biggest contribution to the increase in the total profit was made by activities mainly relying on domestic consumption – construction, real estate, administrative and support services and retail trade. The growth in the profit of the business sector was negatively influenced mostly by the energy and manufacturing activities. The profit of manufacturing, which holds the biggest share in the total profit of the business sector, decreased 6% compared to 2011, first of all due to the decrease of profits in the manufacture of electronics, wood and metal products.
In 2012, enterprises sold goods and services for 46.3 billion euros, which was 10% 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 10% and 4%, respectively.
Compared to 2011, enterprises’ total costs increased 10%. Personnel expenses increased 11%. The number of persons employed as well as the number of hours worked increased 4%. Labour productivity on the basis of value added of the business sector increased 5%, amounting on an average to 20,000 euros per person employed in a year.
The growth in enterprises’ investments continued for the second year in a row. In 2012, enterprises invested 2.7 billion euros, which is 12% more than in 2011. As in 2011, the biggest investments were made in equipment and machinery and in the construction and alteration of buildings. The biggest investors were energy, manufacturing and transportation and storage enterprises with a half of the total investments of enterprises. Compared to 2011, only investments in vehicles and computers decreased. Other investments increased, investments in land increased the most (37%).
In the 4th quarter of 2012, enterprises’ net sales of goods and services totalled 12.1 billion euros, which at current prices was 8% more than in the same period of 2011. In the 4th quarter of 2012, enterprises invested 874 million euros, i.e. 18% more than in the 4th quarter of 2011.
Total profit of the business sector, 2002–2012
