According to Statistics Estonia, the profit of the [private] enterprise sector decreased by 79% in the 1st quarter of 2009 compared to the same quarter of the previous year.
In the 1st quarter enterprises earned 2.1 billion kroons profit, about 8 billion less than in the same period a year before. The entrepreneurs’ profit was lower than that last in the 4th quarter of 1999, when entrepreneurs earned slightly more than a billion kroons profit.
In the 1st quarter, the activity with the biggest net sales — wholesale and retail trade — was in loss for the first time (the loss 443 billion kroons). Retail trade and sale of motor vehicles were in loss; wholesale trade had a small profit. Rising unemployment causes insecurity among the consumers and people consider their purchases more carefully. Stiff competition has put retail trade enterprises in a situation where they have to operate also with loss.
Access more detailed data here at Statistics Estonia’s Statistical Database:
http://www.stat.ee/31270
Business profits way down
Archived Articles | 04 Jun 2009 | EWR
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