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Large companies predict turnover rise for 2018

Most large companies in Baltic States predict their turnover to rise next year. Such an opinion was voiced by 67% of large businesses in Latvia, 70% in Estonia and 59% in Lithuania, according to SEB Bank’s financial directors survey.

Survey data shows that the level of optimism has increased since 2014.

At the same time, data shows that the ratio of pessimists also remains low – only 5% of financial directors in Latvia expect a decline of turnover next year (10% in Lithuania and 11% in Estonia).

SEB Bank board member Ints Krasts comments: «Large companies are confident. Their predictions for business opportunities next year are mostly positive. Development of Baltic economies has become very rapid in the past six years. Everything points towards the continuation of positive trends. It is also interesting that although large companies have plans for increased turnover, which would require increased production volumes in different industries, most of them have no plans to increase the number of employees. This means companies have their sights on improving efficiency, including by means of automating certain processes.»

The majority of large businesses in Baltic States plan to keep their staff numbers unchanged. Such a goal is present for 63% of largest businesses in Latvia, 57% in Estonia and 52% in Lithuania. On the other hand, 35% of financial directors in Lithuania have plans to create new jobs and take on more employees in 2018 (30% in Estonia and 24% in Latvia). At the same time, 13% of large companies in all three countries have plans to cut jobs.

It should be said that SEB Bank performs this survey once a year. Financiers are asked to provide predictions about the business environment, major challenges, planned changes for employee numbers and other important matters.


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