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Bankruptcies up by 24% y-o-y in January-May


2012-06-18



The number of business failures in Poland continues to rise at an accelerating pace, according to latest data from Euler Hermes, the global provider of credit insurance solutions. In the first five months of 2012 Polish courts declared the bankruptcy of 395 companies, compared with 318 in the same period of 2011, an increase of 24.2% y-o-y. By way of comparison, in the whole of 2011 the number of bankruptcies rose 6% and in the first quarter of 2012 by 18% y-o-y.

Euler Hermes notes that the incidence of business failures is highest, and/or its effect most painful, in regions with strong direct or indirect exposure to the fortunes of the country’s construction sector. (In January-April the number of bankruptcies in this sector surged by 60% y-o-y to 85). This partly explains the peculiar case of Slaskie, one of Poland’s most economically developed regions, which saw its bankruptcy numbers fall by a fifth to 34 in January-May, thanks to its relatively lesser reliance on construction projects (as well as exports).

Another trend are growing failure numbers in the retail sector, affecting not just grocers but increasingly also clothing and footwear retailers or pharmacies.



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