2023-08-17 18:21:53
The number of companies declared in bankruptcy in the European Union (EU) increased by 8.4% in the second quarter of 2023 compared to the three previous months, thus accumulating six consecutive quarters on the rise to reach the highest level of the entire historical series, which dates back to the first quarter of 2015, as reported by Eurostat.
“Compared to the previous quarter, the number of bankruptcies increased by 8.4% and therefore reached the highest level since the start of data collection in 2015″confirmed the community statistical office.
Among the euro zone countries, the number of companies declared bankrupt also increased in the second quarter compared to the previous three months, with an increase of 9%, the seventh in a row.
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“Looking specifically at bankruptcies by activity, all sectors of the economy registered increases in the number of bankruptcies in the second quarter of 2023 compared to the previous quarter,” Eurostat noted.
Thus, the sectors with a greater proportional increase in the number of bankruptcies were accommodation and food services (+23.9%), transport and storage (+15.2%) and education, health and social activities (+10.1%).
Compared to the fourth quarter of 2019, prior to the pandemic, the number of bankruptcy filings in the second quarter of 2023 was higher in most sectors of the economy, with the most significant increases being those observed in accommodation and catering services (+82.5%) and transport and storage (+56.7%).
In contrast, in the second quarter of 2023 there were only two sectors of the economy where the number of bankruptcy filings was lower than in the fourth quarter of 2019 pre-pandemic: industry (-11.5%) and construction (-2.7%).
Among the EU countries, those with the largest quarterly increase in the number of companies declared bankrupt between April and June were Hungary (+40.8%); Latvia (+24.8%) and Estonia (+24.6%), while the greatest decreases corresponded to Cyprus (-48.5%); Croatia (-23.6%) and Denmark (-15.9%).
In the case of Spain, the number of bankruptcies in the second quarter increased by 19.9% compared to the three previous months, when it had fallen by 2.1%. This is the largest quarterly increase since the first quarter of 2022.
On the other hand, Eurostat also reported that the number of companies registered in the EU during the second quarter of 2023 decreased by 0.6% compared to the previous three months, when they had increased by 2%. In the case of the euro zone, the data grew by 1.1% between April and June, compared to the rise of 2.1% in the previous quarter.
According to Eurostat records, Ireland was the fastest growing country for registered companies (+50.9%), ahead of Slovenia (+30.2%) and Germany (+9.6%), while the greatest declines were observed in Poland (-11.3%); Bulgaria (-9.1%) and Denmark (-9%).
In the case of Spain, the number of companies registered in the second quarter decreased by 1.4%after increasing by 7.9% in the first three months of 2023.
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