The assessments of firms in industry (excluding construction) and in services with 20 or more employees indicate that sales grew in the first nine months of 2022, in both the domestic and foreign markets.
Despite an increase in the cost of production inputs, corporate profitability remained high. Considering the overall costs for the purchase of goods and services, the share of expenditure on electricity and gas increased but remained below 10 per cent for two thirds of firms. The most significant increases were in industry, with three out of four firms reporting serious difficulties also in connection with the rising prices for non-energy inputs. The main response on the part of firms to higher prices was to increase their selling prices.
The number of hours worked continued to rise and firms expect an increase in staff numbers over 2022 as a whole.
The growth in sales and hours worked is expected to slow down over the next six months.
The investment plans made at the end of last year appear to have been carried out as scheduled. Firms expect to increase investment in 2023 despite many of them reporting that borrowing conditions have worsened.
The construction sector continued to increase its output, despite the rises in production input prices. Growth in this sector was encouraged by the support measures for building renovation work, benefiting employment and profitability. Expectations for next year's output point to further expansion.
