Swedish bankruptcies climb
TT/The Local · 5 Sep 2008, 12:40
Published: 05 Sep 2008 12:40 GMT+02:00
- Swedish economic growth set to contract (27 Aug 08)
- Economic downturn hasn't stopped Swedes from borrowing (05 Aug 08)
- Cash not credit is the currency of recession in Sweden (28 Jul 08)
In August, 11 percent more companies filed for bankruptcy compared with the same month a year ago, according to business and credit reporting company UC.
A total of 354 companies went bankrupt in August, which is 35 more than the corresponding month last year.
Since the turn of the year, 3,301 Swedish companies have gone belly up, compared with 3,198 for the same period in 2007.
“A 3 percent increase doesn’t appear to create much concern, but on the other hand it is clearly a negative trend with an increasing number of bankruptcies than we saw last spring,” said UC’s Fredrik Polland in a statement.
“The weakening economy combined with what in many cases are overly crowded markets is beginning to show its effects.”