The turnover of the business sector increased in the 3rd quarter

Posted on 28 November 2019, 10:00

According to Statistics Estonia, in the 3rd quarter of 2019, enterprises sold goods and services for 16.4 billion euros, which was 5% more than in the same period the year before.

Turnover increased in most economic activities. Trade, manufacturing and information and communication activities contributed the most to the turnover of the business sector. The growth in the sector’s turnover was negatively affected mainly by energy and mining.

Compared to the 3rd quarter of 2018, the total expenditure of enterprises increased by 6%, including 8% increase in labour costs. The number of persons employed and the number of hours worked increased by 1% and 2%, respectively. The labour productivity of the business sector on the basis of turnover amounted to an average of 34,700 euros in a quarter per person employed, i.e. 4% more than in the 3rd quarter of 2018.

Enterprises invested 685 million euros, which is 12% more than in the same period the year before. The investments were made mostly in machinery and equipment, and in buildings. Manufacturing, transportation and storage and real estate enterprises accounted for about a half of the total investments of all enterprises.

The statistics are based on the questionnaire “Economic activity, quarter”, the submission date of which was 21 October 2019. Statistics Estonia published the quarterly summary in 28 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.

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