Turnover and investments of the business sector increased

Posted on 27 February 2020, 10:00

According to the preliminary data of Statistics Estonia, in 2019, turnover increased in most economic activities. Trade, manufacturing and information and communication enterprises 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.

In 2019, enterprises sold goods and services for 64.2 billion euros, which is 5% more than the year before. Compared to 2018, the total expenditure of enterprises increased by 5%, including a 9% increase in labour costs. The number of persons employed as well as the number of hours worked also increased. The labour productivity of the business sector on the basis of turnover amounted to an average of 137,400 euros per person employed, i.e. 3% more than the year before.

Enterprises invested 3.2 billion euros, which is a fifth more than the year before. The investments were made mostly in machinery and equipment, and in buildings. Manufacturing, energy, transportation and storage and real estate enterprises accounted for more half of all investments.

In the 4th quarter of 2019, enterprises sold goods and services for 16.8 billion euros and invested 925 million euros.

The statistics are based on the questionnaire “Economic activity, quarter”, the submission date of which was 21 January 2020. Statistics Estonia published the quarterly summary in 26 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.