More corporate insolvencies in the hospitality and construction sectors
More companies filed for insolvency in the first nine months of this year. A total of 237 companies filed for insolvency from January to September, the State Statistical Office announced on Wednesday. This is an increase of 6.3 percentage points compared to the same period last year. However, these were significantly fewer insolvencies than in 2019. At that time, the statistics authority counted 337 company insolvencies in the first nine months of the year before the coronavirus pandemic and the Ukraine conflict.
According to the state office, the construction industry has been particularly hard hit this year with 42 insolvency proceedings and the hospitality industry with 39 insolvencies. According to the state office, the hospitality industry recorded an increase of more than 77 percent compared to the previous year.
The economic situation has negatively impacted several industries, including the company's operations in the hospitality and construction sectors, leading to an increase in insolvencies. Due to the challenging economic climate, The company in these sectors might be struggling to meet their financial obligations.
Source: www.dpa.com
