Germany: +23.8% insolvencies in July 2023 compared to July 2022. The crisis is biting
Bad information from the German statistical agency Destatis. According to provisional information, the number of regular insolvencies required in Germany increased by 23.8% in July 2023 compared to the same month last year . In June 2023 it had already increased by 13.9% compared to June 2022.
Looking at the results, it should be noted that proceedings are only included in the statistics after the bankruptcy court has made at least a first-instance decision, so the effect we see is delayed and the number now could be even larger. Insolvency statistics only show business closures that occur during bankruptcy proceedings, but not those for other reasons or before serious payment difficulties occur. Furthermore, the obligation to file for insolvency is still suspended for those affected by Corona, for cases of over-indebtedness, for the repayment of outstanding financial aid, so the number may not be complete.
Here is a graph showing the trend of insolvencies: (2015 value 100)
Final results in blue, partial results/projections in red
19.0% more business insolvencies in May 2023 than the same month last year
In May 2023, according to the final results, the German district courts reported 1,478 requested company insolvencies. This means an increase of 19.0% compared to May 2022. The number of business insolvencies has been continuously increasing since August 2022.
Creditors' claims arising from corporate insolvencies reported in May 2023 were estimated by the district courts at almost €4.0 billion. In May 2022, claims amounted to almost 2.2 billion euros.
Based on 10,000 companies, there were a total of 4.4 corporate insolvencies in May 2023 in Germany. The majority of insolvencies per 10,000 companies concerned the transport and logistics services sector, with 8.7 cases. Other economic services follow (eg temporary employment agencies) with 7.4 cases. The lowest frequency of insolvencies, at 0.3 insolvencies per 10,000 firms, was in the energy supply sector.
3.7% fewer consumer bankruptcies in May 2023 than the same month last year
So bankruptcies in Germany continue to grow and photography is still not as bad as it could be just due to a series of delays and technical factors. But the industrial crisis bites and soon these values could even be much worse. But the German government is continuing on its way.
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The article Germany: in July 2023 +23.8% of insolvencies compared to July 2022. The crisis bites comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/germania-a-luglio-2023-238-di-insolvenze-rispetto-al-luglio-2022-la-crisi-morde/ on Sat, 12 Aug 2023 14:25:58 +0000.