2013 was a successful year for the business sector
According to the preliminary data of Statistics Estonia, in 2013 the total profit of the business sector was 3.1 billion euros, which was 5% more than the year earlier. The increase in the enterprise sector’s total profit continued for the fourth year in a row.
Compared to 2012, the total profit increased in almost all economic activities. The biggest contribution to the growth in total profit was made by activities mainly relying on the domestic market – real estate, energy and trade. The growth in the profit of the business sector was negatively influenced mostly by transportation and storage and manufacturing activities. The profit of manufacturing, which holds the largest share in the total profit of the business sector, decreased 6% compared to 2012, mainly due to the decreased profits in the manufacture of fuel oil and food products.
In 2013, enterprises sold goods and services for 50.4 billion euros, which was 9% more than the year before. The turnover of wholesale and retail trade and manufacturing enterprises, which have the biggest share in the turnover of the total business sector, increased 15% and 7%, respectively. The biggest increase (33%) occurred in the turnover of real estate activity.
Compared to 2012, the total costs of enterprises increased 9%. Personnel expenses increased 9% as well. The number of persons employed as well as the number of hours worked increased 2%. The labour productivity of the business sector on the basis of value added amounted to an average of 21,300 euros per person employed in a year and was 5% higher than in 2012.
The growth in enterprises’ investments stopped. In 2013, enterprises invested 2.6 billion euros, which was the same as in 2012. Similarly to 2012, the largest investments were made mainly in equipment and machinery and in the construction and alteration of buildings. The main investors were energy, manufacturing and transportation and storage enterprises with a half of the total investments of enterprises. Compared to 2012, the investments in land, constructions and computers increased. Other investments decreased, with the biggest decrease (9%) registered in investments in equipment and machinery.
In the 4th quarter of 2013, enterprises sold goods and services for 12.8 billion euros, which was 5% more than in the same period of 2012. In the 4th quarter of 2013, enterprises invested 790 million euros, i.e. a tenth less than in the 4th quarter of 2012.
Total profit of the business sector, 2002–2013
