2023-05-10 08:50:05
The number of company bankruptcies rose significantly in the first three months of the year. According to Statistics Austria, there were 1,320 company insolvencies in the first quarter of 2023, more than a quarter more than in the first quarter of 2022. This was also an increase of around 18 percent compared to the pre-pandemic period from January to March 2020. The service sector, trade and construction were most frequently affected by insolvencies. Registrations of new businesses have declined.
“After the number of insolvencies in Austria had leveled off at the pre-crisis level throughout the previous year, there was a renewed increase at the beginning of 2023,” said Statistics Austria Director General Tobias Thomas on Wednesday, according to a broadcast.
Most insolvencies in the first three months were in financial services and other services (310), trade (240), construction (236) and accommodation and catering (181). There were comparatively few insolvencies in the information and communication (47) and manufacturing (80) sectors.
At the same time, 16,374 registrations of new companies were recorded in the first quarter. That is around 6 percent less than in the first quarter of 2022 and around 7 percent less than in the same quarter before the start of the pandemic. Most registrations were in the areas of financial and other services (4,595), personal services (3,937) and trade (3,084). The areas of transport (619), information and communication (890) and accommodation and gastronomy (948) recorded relatively few registrations.
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