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International Internet Magazine. Baltic States news & analytics Friday, 10.07.2020, 19:54

Businesses' turnovers didn't grow in month-to-month comparison in May

BC, Tallinn, 26.06.2020.Print version
The declared turnover of Estonian businesses in May 2020 remained on the same level as in April, although normally an increase would have been expected, Statistics Estonia said commenting on flash statistics, cites LETA/BNS.

Mart Leesment, leading statistician at Statistics Estonia, said that the impacts of the crisis are increasingly revealing themselves, as a result of which the reduction in turnover compared with the previous year deepened and started nearing the ratio of one quarter.

"Of fields of activity, accommodation and catering, and art, entertainment and leisure activities  continue to throne at the top of those losing out in turnover. Fortunately, the end of the emergency situation and easing of restrictions brought a moderate turnover growth for both areas of activity compared with the previous month and reduced somewhat the decline compared with May of last year," Leesment said.

He observed that not all areas of activity saw a reduction in turnover, as declared turnover in other service activities grew considerably compared with the same month last year. 

According to the analyst, the crisis also increasingly started to express itself in labor costs, as the payouts made in May show the size of remuneration for the work done in April. In that full month of the emergency situation, labor costs per employee fell broadly to the level of a couple of years ago.  

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