The situation in business sector is continually improving
According to Statistics Estonia, in the 3rd quarter of 2010, the net sales, costs and total profit of the business sector increased compared to the previous quarter as well as to the same quarter of the previous year.
The growth of net sales of business sector continued for the third quarter in succession compared to the previous quarter. According to the seasonally adjusted data, the net sales of enterprises increased 6% in the 3rd quarter of 2010 compared to the 2nd quarter. In the 1st and 2nd quarter this year compared to the previous quarter, the increase was 5%.
In the 3rd quarter of 2010, enterprises sold goods and services for 145 billion kroons (9.3 billion euros), which is at current prices 15% more than in the same period a year ago. The net sales of wholesale and retail trade, manufacturing and transportation and storage enterprises, which have the biggest share in gross net sales in total business sector, increased 11%, 30% and 18%, respectively.
Compared to the 3rd quarter of 2009, the enterprises’ total costs increased 11%. The personnel expenses decreased 4% as well as the number of persons employed and number of hours worked. It has continually increased the growth of the productivity indicators (labour, hour and personnel cost productivity). The labour productivity (total productivity divided by number of person employed) of business sector increased 28%, at the same time the average labour costs per persons employed stayed on the level of the 3rd quarter of the previous year.
In the 3rd quarter 2010, the total profit of enterprises amounted to 9.7 billion kroons (621 million euros), which was more than two times bigger compared to the 3rd quarter of the previous year and by a third bigger than in the 2nd quarter this year. Although manufacturing accounts for the largest share of total profit of business sector, the growth of total profit was mainly influenced by transportation and storage. The growth in this activity was mainly supported by the enterprises dealing with supporting activities for transportation.
The investment activeness of enterprises is continually low. In the 3rd quarter, enterprises invested 5.7 billion kroons (361 million euros), which is a fifth less than in the 3rd quarter of 2009. Investments were mainly made in other equipment and machinery and in the construction and alteration of buildings. The major investors were energy, transportation and storage and manufacturing enterprises with more than a half of the total investments of enterprises. Compared to the 3rd quarter of the previous year, investments increased only in other equipment and machinery.
Net sales, personnel expenses and total profit of the business sector, 1st quarter 2002 – 3rd quarter 2010 (average of the quarters of 2005 = 100)
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The data on business have also been published in euros in the Statistical Database. The letter “Y” has been added to the codes of euro tables and the word “euro” has been added to headings.