Business Sector Records Best Ever Quarter
Freshly released figures reveal businesses earned record profits in the third quarter, even as tapering growth rates indicate the economy is close to peaking.
The business sector earned a total of 945 million euros in profit in the third quarter, the best ever result according to Äripäev, beating the previous record of 921 million euros set in 2007, just before the economic downturn.
Total profits increased by 5 percent compared to the same period last year. Traditionally the highest earnings come in the third quarter, the smallest in the first.
Profit increased in almost all economic activities, Statistics Estonia revealed today, with the biggest contribution coming from trade, real estate and energy companies catering to internal demand.
Manufacturing, which had previously shown a downward trend, managed to increase profits by 4 percent, mainly due to exports.
Total turnover was 12.9 billion, a 9 percent increase compared to Q3 last year, while personnel expenses increased by 10 percent and added-value per employee by 5 percent to 5,700 euros per person. Investments increased by 14 percent to 697 million euros.