Germany: Bankruptcies surge by nearly 30% in first half of 2024

The number of company bankruptcies in Germany has surged by almost 30% in the first six months of 2024, marking the highest figure in nearly a decade.

According to statistics from the Association of Economic Researchers Creditreform, around 11,000 company bankruptcies were registered during this period.

"In the first half of 2024, companies continue to struggle with the consequences of the 2023 recession, ongoing crises, and weak economic development. All of this is undermining the state of many companies," explained Patrick-Ludwig Hantzsch, head of economic research at Creditreform.

Creditreform analysts predict that the insolvency trend will persist throughout the year, attributing the rise in bankruptcies to lingering issues from past crises. Researchers have observed that a significant number of medium and large companies have been forced to file for bankruptcy, with notable cases including Galeria Karstadt and FTI-Touristik.

The bankruptcies registered from January to June 2024 impacted about 133,000 employees, compared to 125,000 in the same period last year.

Source: Voice of Europe

Photo: Torsten Sukrow/Sulupress/picture alliance