Business profits down 9% in Q1
Total profit earned by the business sector in Estonia fell by 9 percent compared to the same period a year ago, coming in at 650 million euros in the first quarter of 2015.
Decline in profits came in almost all sectors, but the drop was steeper in manufacturing, information and communication and agriculture. Manufacturing profits fell by a fourth, although turnover increased slightly, Statistics Estonia revealed.
Total turn-over was 11.6 billion euros, 2 percent less than in the first quarter of 2014.
Expense on staff increased by 8 percent while productivity dropped by 1 percent. The gap is somewhat explained by an increase in persons employed and the number of hours worked, 4 and 5 percent respectively.
Investments also decreased, by 10 percent compared to Q1 of 2014, to 458 million euros.
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