The economic landscape in Sweden is experiencing turbulence as the country grapples with a surge in bankruptcies, reaching levels not seen in two decades. According to data released by credit reporting agencies UC and Creditsafe, the number of bankruptcies surged by 64 and 62 percent in February compared to the same period in 2023.
A total of 908 limited companies succumbed to bankruptcy in February alone. This figure marks the highest number recorded for the month in the past 20 years. Creditsafe highlighted that the last time such numbers were observed was back in 1994, indicating the severity of the current economic situation.
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The automotive sector emerged as the hardest hit, followed closely by the construction, restaurant, and information and communication industries. Gabriella Göransson, CEO of UC, commented on the trend, noting, 'These are industries that have stood out in our statistics as risk industries ever since inflation took off. However, it is in the last few months that we have seen the really high increases.'
The surge in bankruptcies underscores the challenges faced by businesses across various sectors in Sweden. As the economic uncertainty persists, stakeholders are closely monitoring the situation, hoping for signs of recovery and stability in the months ahead.
Source: www.dagenshandel.se