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Bankruptcies up by 18% y-o-y in Q1


The number of business failures in Poland is rising at an accelerating pace, according to latest data from Euler Hermes, the global provider of credit insurance solutions. In the three months to the end of March Polish courts declared the bankruptcy of 227 companies, compared with 193 in the first quarter of 2011, an increase of 18% y-o-y. By way of comparison, in 2011 as a whole the number of bankruptcies rose by 6% from 2010.

Euler Hermes notes that the construction and retail sectors have been hit particularly hard, and that the rising tide could soon spill over to their suppliers in the manufacturing and distribution sectors, where business failures have so far remained roughly at year-ago levels. For example, makers and distributors of building materials and steel products, as well as food distributors, are likely to come under growing pressure in the coming months.

According to the company, the upward trend in business failures appears to be a lasting one, even despite a certain slowing of the growth rate in March.

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