22.9 C
Sunday, July 21, 2024
HomeBusinessBankruptcies Soar in Finland Due to Economic Stagnation: Statistics

Bankruptcies Soar in Finland Due to Economic Stagnation: Statistics


Related stories

Xi reaffirms China’s support for Tajikistan during rare visit

Beijing, Dushanbe announced upgrading of diplomatic relations.Chinese President Xi...

Russia Bomb Kids’ Hospital in Kyiv, Massive Casualties

Kyiv (8/07 – 62.5)Ohmatdyt Children's Hospital in Kyiv was...

One must not take Trump at his word, says Juncker

Budapest (5/7 – 11.11)Former European Commission chief Jean-Claude Juncker...

China, Tajikistan elevate ties during Xi’s landmark visit

China and Tajikistan on Friday announced the elevation of ties to...

Russian Deputy Defense Minister Tatyana Shevtsova stole millions from Putin

Former Russian Deputy Defense Minister Tatyana Shevtsova, who officially...

Bankruptcies in Finland have surged by 22 percent over the past 12 months, according to figures published by Statistics Finland on Wednesday.

“The number of companies filing for bankruptcy rose over the course of 12 months to the level last seen during the euro crisis in 2013-2014,” said Tommi Veistamo, chief actuary at the statistical agency.

A total of 283 bankruptcies were initiated in August 2023, 56 more than in the same month last year. Of the total, 77 were in the construction sector, while 25 were industrial companies.

Juhana Brotherus, Chief Economist at the Finnish Association for SMEs, attributed the surging bankruptcy to higher interest rates, increased costs, and sluggish economic growth. He warned in an interview with local media on Wednesday that this year’s bankruptcy figures in Finland are expected to approach the levels witnessed during the 2007-2009 financial crisis.

Source: Xinhua

Latest stories