The turnover of the business sector increased in the 2nd quarter

Posted on 29 August 2019, 11:00

According to Statistics Estonia, in the 2nd quarter of 2019, enterprises sold goods and services for 16.2 billion euros, which was 6% more than in the same period the year before.

Turnover increased in most economic activities, except in mining, energy and water supply, sewerage, waste management and remediation. Trade and manufacturing enterprises contributed the most to the turnover of the business sector. The turnover of both activities increased by 6%.

Compared to the 2nd quarter of 2018, the total expenditure of enterprises increased by 6%, including a 10% increase in labour costs. The number of persons employed and the number of hours worked increased 3% and 1%, respectively. The labour productivity of the business sector on the basis of turnover amounted to an average of 34,600 euros in a quarter per person employed, i.e. 4% more than in the 2nd quarter of 2018.

Enterprises invested 796 million euros, which is a third more than in the same period the year before. The investments were made mostly in machinery and equipment, and in buildings. Manufacturing, energy and trade enterprises accounted for about a half of the total investments of all enterprises. Compared to the 2nd quarter of 2018, investments in land stayed at the same level, while other investments increased.

The statistics are based on the questionnaire “Economic activity, quarter”, the submission date of which was 21 April 2019. Statistics Estonia published the quarterly summary in 27 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.