ISTANBUL

Business insolvencies increased by 13.2% in March on a monthly basis, official figures by the German Federal Statistical Office showed on Wednesday.

In February, the rate was 10.8%, Destatis said.

The statistical authority also said January's finalized data showed that business insolvencies increased by 20.2% on a yearly basis in the month.

Most corporate insolvencies in January were in the construction industry with 246 cases, followed by trade with 204 cases.

Claims of the creditors from the company insolvencies in January were estimated by the district courts to be almost €2.3 billion, up from €1.4 billion in January 2022.