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International Internet Magazine. Baltic States news & analytics Wednesday, 19.06.2024, 22:08

Revenue of Estonian companies drops by almost 1/10 on year in June

Statistics Estonia, 24.07.2020.Print version
The declared total revenue of Estonian companies in June 2020 dropped 9.8% in comparison with the same month last year to 5.97 bn euros, a flash estimate by Statistics Estonia indicates.

Compared with May, the declared revenue of businesses grew 8% in June. 

Mart Leesment, leading analyst at Statistics Estonia, said in a press release on Friday that although the turnovers in most areas of business were smaller than in June 2019, an improvement over May was registered almost everywhere. 

"The biggest gainer in both money and relative terms was water supply, sewerage, waste management and remediation activities. Of the major areas of activity, manufacturing reached the level of last year. Recovery in processing industry in June was supported mainly by producers of food, beverages and furniture," Leesment said.

A recovery could be observed also in labor costs.

"In some areas of activity, such as electricity, gas, steam and air conditioning supply and information and communications, labor costs per employee significantly surpassed the level of last year," he said.  

Leesment said that in summing up the second quarter, Statistics Estonia also took a look at the areas of activity that saw the biggest revenue losses. 

"Among the ones that have lost the most in revenue in recent months we can find travel agencies and tour organizers, accommodation companies, producers of films, videos and television broadcasts, publishers of audio recordings and music, companies in the area of sports activities, and entertainment and leisure activities," the leading analyst added.

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