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Friday 24.02.2017 | Name days: Diāna, Dina, Dins

Number of bankruptcies declines in Latvia and Estonia; grows in Lithuania

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUThe number of business bankrupts had dropped by 13.8% in Latvia and by 9.7% in Estonia in 2015. The number of bankrupt companies in Lithuania, on the other hand, had increased that year, according to information from Coface.

In total, the number of insolvent companies had declined in nine out of thirteen countries of Central and Eastern Europe in 2015. The biggest increase in bankruptcy cases was noted in Ukraine (+20.8%) and Lithuania (+16.3%), where the majority of insolvency cases took were registered in trade, construction and production sectors.

The most significant improvements were noticed in Romania, where the number of bankruptcy cases has declined by half (-49.5%) when compared with the year before. The second major improvement in this field was noted in Hungary (-44.2%). It is expected that the business situation in countries of Central and Eastern Europe will remain beneficial to the businessmen in 2016.

«The main driving force behind economic growth in our region will be the growing household consumption in 2016. It will help improve the situation on the labour market and the trust of consumers,» – says CEO of Coface Latvia Arnis Blumfelds.

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