Insolvencies in Germany up by 23 pct in 2023

  • World
  • Tuesday, 05 Dec 2023

FRANKFURT, Dec. 4 (Xinhua) -- Insolvencies filed by German companies went up by more than 20 percent in 2023, according to a study released by a German economic research institute on Monday.

Up to 18,100 companies in Germany had to file for bankruptcy in 2023, a 23.5 percent increase compared to 2022, Creditreform Wirtschaftsforschung revealed.

The institute found that medium- and large-sized companies were hit hard by the wave of insolvencies in 2023. Bankruptcies among companies with 51 to 250 employees in Germany went up markedly, by 76 percent year-on-year in 2023. This was followed by large companies with more than 250 employees, which saw a year-on-year increase of 50 percent.

Meanwhile, the manufacturing industry recorded the sharpest increase in bankruptcies, up by 30.2 percent in 2023.

"The number of insolvencies will continue to increase significantly in the coming months in these difficult economic conditions," said Patrik-Ludwig Hantzsch, head of Creditreform Wirtschaftsforschung.

"Compared to 2019, the general conditions for companies have deteriorated significantly, and the economic policy slide is further unsettling," Hantzsch added.

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