The second quarter of 2023 saw an 8.4percent increase in corporate bankruptcies, marking the sixth straight quarterly increase.
The accommodation and food services sector suffered the most, with a 23.9 percent increase in bankruptcy filings, followed by transportation and storage and the education, health, and social activities sectors.
Hungary, Latvia, and Estonia saw the most significant increases in filings, while Cyprus, Croatia, and Denmark noted considerable drops. The increase in bankruptcies is linked to the unstable economic environment in the EU, the surge in inflation rates, and the end of COVID-19 pandemic aid packages that had previously supported struggling businesses.
