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The number of bankruptcies in Switzerland skyrocketed in the first quarter of 2023. Compared to the same period last year, the number of bankruptcies increased by more than a third, according to business information service Dun & Bradstreet.
According to the statement made on Tuesday, bankruptcy proceedings were filed against a total of 1,624 companies registered in the trade registry. This is the highest value for the first quarter since 2018.
“The more challenging economic environment meant that many Swiss companies ran out of air in the first quarter,” the statement said. Retail trade (+107 percent), construction industry (+76 percent), automotive industry (+62 percent) and hospitality industry (+46 percent) were particularly hard hit. These industries saw the highest percentage increases, according to Dun & Bradstreet.
Zurich lightly recovers, central Switzerland suffers
However, with regard to individual regions, there are great differences. Central Switzerland recorded the strongest percentage increase in corporate bankruptcies, with a 56 percent increase, followed by the cantons of Valais, Vaud and Geneva, and southwestern Switzerland, up 38 percent from the same period last year.
The Zurich region survived relatively lightly. The number of businesses closing here has also increased significantly, up 24 percent, but well below the national average of 36 percent. (SDA/sfa)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
