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Coface: business failures up by 21% y-o-y in 2012


2013-01-02



A total of 877 companies were declared bankrupt by courts in Poland in the course of 2012, which represents an increase of 21.3% compared with the year before, according to latest data from Coface, the global provider of credit solutions. The figure is the highest in eight years and 25% more than in 2009, at the depth of the previous slowdown.

Two sectors are mainly responsible for the sharp increase in business failures in Poland last year: construction (including property developers), which saw a 53% jump in bankruptcies to 218, or roughly a quarter of the total; and trade, where failures increased by 15.5% to 208, reflecting growing competition and consolidation processes particularly in the retail trade, amid deteriorating consumer sentiment.

By contrast, in the manufacturing sector bankruptcies rose by just 4% in 2012, to 227. According to Coface, this could be an indication of the strong international competitiveness of Poland’s manufacturers, as shown by fairly resilient foreign trade figures. There were major differences between various manufacturing sub-sectors, however. On the one hand, in the manufacture of other non-metallic mineral products bankruptcies rose by 133% to 14, in clothing and textiles by 53% to 23, in furniture by 42% to 17, and in machinery and equipment (including electrical equipment) by 30% to 22. On the other hand, in some sub-sectors the number of bankruptcies declined, e.g. in wood products (excluding furniture) by 50% to 11, in rubber and plastic products by 48% to 11, and in metals and metal products by 17% to 39.



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