There was a 5% increase in goods and services sold in the third quarter, new figures from Statistics Estonia showed.
This increase is equivalent to EUR 16.4 billion.
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%, including an 8% increase in labor costs.
The number of persons employed and the number of hours worked increased by 1% and by 2%, respectively. The labor productivity of the business sector on the basis of turnover amounted to an average of EUR 34,700 euros in a quarter per person employed, up by 4% YoY.
Enterprises invested EUR 685 million, up by 12%. 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. (ERR/Business World Magazine)