Bankruptcies Soar in Finland due to Economic Stagnation
"The number of companies filing for bankruptcy rose over the course of 12 months to the level last seen during the euro crisis in 2013-2014," said Tommi Veistamo, the chief actuary at the statistical agency.
A total of 283 bankruptcies were initiated in August 2023, 56 more than in the same month last year. Of the total, 77 were in the construction sector, while 25 were industrial companies.
Juhana Brotherus, the Chief Economist at the Finnish Association for SMEs, attributed the surging bankruptcy to higher interest rates, increased costs, and sluggish economic growth. He warned in an interview with local media that this year's bankruptcy figures in Finland are expected to approach the levels witnessed during the 2007-2009 financial crisis.
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