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NEWS - 25. March 2019 11:25

Agricultural enterprises are the most optimistic regarding turnover growth

In the comparison of Estonian small and medium-sized enterprises (SMEs), the agricultural sector is the most optimistic regarding turnover growth this year, as indicated by SEB’s Baltic Business Outlook survey.

‘Pursuant to the SEB survey, confidence is great among all areas of activity.  The agricultural sector stands out with the largest number of true optimists: 19% of survey respondents believe that the turnover of their company will grow by over 15% this year; in this respect, they are followed by the construction sector (15%) and the trade sector (14%),’ said Ainar Leppänen, Head of Retail Banking at SEB Pank.

‘It is likely that in agriculture, the enterprises that were less affected by last year’s drought are more optimistic. Confidence is also fuelled by the fact that many agricultural SMEs have made sufficient investments over the past few years, including into eco-production, and they are able to sell their own products,’ Leppänen added.

The accommodation and catering field and the transport and logistics field contain the fewest major optimists; in both fields, 7% of SMEs estimate a turnover growth that exceeds 15%. In general, there are no major differences between sectors.

In Latvia and Lithuania, the administrative and service sector contains the most major optimists, at 14% and 18%, respectively. In Latvia, accommodation and catering has the most pessimists (23%) and in Lithuania, the field of education and health care has the most pessimists (16%).

In 2018, economic growth in the Baltic States was among the fastest in Europe and the growth of wages and domestic demand has significantly increased the sense of security for Estonian, Latvian and Lithuanian SMEs for the current financial year.

The biggest optimists are Estonian SMEs, 92% of whom are expecting turnover growth, which is the highest number in five years. The relevant proportion in Latvia is 89% and 87% in Lithuania, so SMEs afraid of a decline in turnover have decreased to 10%, depending on the country.

This is the seventh consecutive year that SEB Group has organised the Baltic Business Outlook Survey, mapping the expectations of Baltic small and medium-sized enterprises (SMEs) for the current financial year. Nearly 4500 SMEs responded to the Baltic survey, which was conducted last December.

More information:

Evelin Allas
Communications Manager
Phone +372 665 5649
Mobile +372 511 1718
Address Tornimäe 2, 15010 Tallinn

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