April 16, 2024

Athens News

News in English from Greece

Bankruptcies on the rise in the European Union

A significant increase in the number of bankruptcies was recorded in the fourth quarter of last year in the European Union.

On a quarterly basis, the average growth was 26.8%, the highest level since 2015, when Eurostat began collecting relevant data. Compared to the third quarter, the number of new business start-ups decreased by 0.2% in the fourth. At the same time, throughout the year, the registration of new companies was higher than in the pre-pandemic years, from 2015 to 2019, Eurostat reported.

The number of bankruptcies increased in the fourth quarter in almost all types of activities, in all industries. Most of all – in the field of transport and warehousing, where the growth was 72.2%. The growth of bankruptcies in housing and catering was 39.4%, and in the sectors of education, health and social activities – 29.5%.

The increase is also noted compared to the fourth quarter of 2019, which preceded the pandemic: in the fourth quarter of 2022, the number of bankrupts increased in almost all areas. The accommodation and catering sector showed the highest rate of 97.7%, while the growth in transport and storage was 85.7%.

Only in three sectors, the number of bankruptcies decreased compared to the last quarter of 2019: by 17.6% in industry, by 9.2% in construction and by 4% in information and communications, notes BB.LV.

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