Manufacturing and trade boost business sector turnover in second quarter
In the second quarter of 2019 there was an increase of six percent in businesses selling goods and services compared to 2018. In total this amounted to €16.2 billion.
Manufacturing and trade drove the increase, both rising by six percent. A Statement from Statistics Estonia said turnover increased in most economic activities, except in mining, energy and water supply, sewerage, waste management and remediation.
Compared to the second quarter of 2018, the total expenditure of enterprises increased by six percent, including a 10 percent increase in labor costs. The second quarter of the year is the months of April, May, and June.
The number of persons employed and the number of hours worked increased by three percent and one percent. The labor productivity of the business sector on the basis of turnover amounted to an average of €34,600 in a quarter per person employed, which Statistics Estonia calculated as being four percent more than in the second quarter of 2018.
Enterprises invested €796 million, which is a third more than in the same period in 2018. The investments were made mostly in machinery and equipment, and buildings.
Manufacturing, energy and trade enterprises accounted for about a half of the total investments of all businesses. Compared to the 2nd quarter of 2018, investments in land stayed at the same level.
Download the ERR News app for Android and iOS now and never miss an update!
Editor: Helen Wright