August saw a further increase in the number of German insolvencies

Germany experienced a 10.7% rise in insolvencies in August compared to the same period last year, according to the federal statistics office on Wednesday. This adds to evidence of ongoing challenges for businesses in Europe’s largest economy.

Since June 2023, the growth rate of insolvencies has consistently remained in double digits, except for June 2024, when it temporarily slowed to 6.3% year-on-year, the office noted.

In the first half of 2024, German courts registered 10,702 corporate insolvencies, marking a 24.9% increase from the previous year, based on finalized data.

The transport and storage sectors recorded the highest number of insolvencies during this period, followed by the construction industry, business services (such as temporary employment agencies), and the hospitality sector.

Paraphrasing text from "Reuters" all rights reserved by the original author.