Business Profits Back to Pre-Recession Level
Estonian companies' profits grew by 43 percent last year, returning to boom-era levels, according to Krediidiinfo, a credit reporting agency.
Compared to 2010, the number of companies earning a profit at the end of 2011 increased by 15 percent, or 6,700 businesses, bringing the total to 50,800. The total of all profits amounted to 5.1 billion euros. Estonia's GDP last year was at 16 billion euros, according to Statistics Estonia.
Meanwhile, losses totaled 1.1 billion euros, down by 1.8 percent from 2010. That left 25,100 businesses in the red, 3 percent fewer than in 2010.
The only sector to be in a net loss - hotels, restaurants and catering - saw losses increase fourfold, to 7.8 million euros. Despite that, the sector was in second place with regard to turnover growth.
The annual report analyzed information from 76,000 businesses.