Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland
Advertisement

More than 10,000 firms already went bust in 2009

Share this article

More than 10,000 firms already went bust in 2009
Photo:DPA
12:12 CEST+02:00
More than 10,000 companies declared insolvency in Germany between January and April this year, official data showed Wednesday, as the global economic crisis hits Europe's top economy harder than most.

In total, 10,700 firms went bust in the first four months of 2009, a rise of 12.1 percent on the same period last year, the statistics office said.

In April alone, there were 7.1 percent more companies going bust than in the same month in 2008.

Germany's economy, which is heavily dependent on exports, has been hammered as demand for goods "made in Germany" dries up around the world amid a global recession.

Authorities in Berlin estimate the economy will shrink by a record six percent this year, before recovering to register a minimal growth of 0.5 percent in 2010.

The recession has taken its toll on firms large and small. Earlier this week, chemical giant BASF announced it was slashing 3,700 jobs by 2013.

Europe's Leading Job Site for
International Talent - The Local Jobs
Get notified about breaking news on The Local

Share this article

Become a Member or sign-in to leave a comment.
Advertisement

From our sponsors

Game-changing flight tips for smart business travellers

Whether you’re flying for business or pleasure, you don’t need to break the bank when booking your next transatlantic flight. As one travel blogger explains, there are ways to fly in style without forking out for a first-class ticket.

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement