Austria Statistics: The wave of company bankruptcies has not subsided yet

Compared to the previous quarter, from January to March 2024, business bankruptcies fell by 7.3 percent, preliminary data from Statistics Austria show. The services sector was particularly affected, followed by construction and retail. In total, there were 3,308 bankruptcies in the first half of the year, around 28 percent more than in the same period last year. “The wave of business bankruptcies has not subsided yet,” said Tobias Thomas, Director General of Statistics Austria, commenting on the figures.

Fewer people want to start a business.

If you compare sectors, most insolvencies in the second quarter of 2024 were in financial services and others (382), construction (273), retail trade (269) and accommodation and catering (219), with the number according to Statistics Austria. The number of insolvencies depends largely on the number of companies operating in individual economic sectors. The fields of information and communications (67) and production of physical goods (94) saw relatively few insolvencies.

At the same time, intentions to start a business have declined. Registrations of legal entities fell by around 12 percent to 13,892 in the second quarter compared to the same period last year. Registration should be understood as a declaration of intent and does not necessarily mean that economic activity will actually start. Nevertheless, registrations are an important early indicator of economic development, according to Statistics Austria.

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