Statistics: Business sector turnover increased in third quarter
There was a 5 percent increase in goods and services sold in the third quarter of 2019 compared to 2018, new figures from Statistics Estonia show.
This increase is equivalent to €16.4 billion for the third quarter of the year, which is defined as July, August, and September.
Turnover increased in most economic areas. Trade, manufacturing, and information and communication activities contributed the most to the turnover of the business sector. The growth in the sector's turnover was negatively affected by energy and mining.
Compared to the same time frame in 2018, the total expenditure of enterprises increased by 6 percent, including an 8 percent increase in labour costs.
The number of persons employed and the number of hours worked increased by 1 percent and 2 percent, respectively. The labor productivity of the business sector on the basis of turnover amounted to an average of €34,700 euros in a quarter per person employed, which is 4 percent more than in the third quarter of 2018.
Enterprises invested €685 million, an increase of 12 percent on 2018. The investments were made mostly in machinery, equipment, and buildings.
Manufacturing, transportation and storage, and real estate enterprises accounted for about half of the total investments of all enterprises.
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Editor: Helen Wright