Business profits drop 15%



The Estonia business sector earned 724 million euros in profits in the second quarter of the year, 15 percent less than during the same period last year.

Decline in profits was registered in nearly all economic activities, with the manufacturing, information and communication, and agriculture driving the fall.

The combined worth of goods and services sold in the second quarter was 12.5 billion euros, 3 percent less than in the second quarter of last year. Total costs of companies decreased 2 percent while labor costs jumped 6 percent with the number of people employed, and the number of hours worked both increasing by 2 percent. Value added per employee was on average 5,500 euros per person per quarter, 3 percent lower than during the same period in 2014.

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Source: http://news.err.ee/v/economy/d7107ed4-c396-4194-b438-639b409ffaa7/business-profits-drop-15