EU business bankruptcies rise 2.7% in Q3

ISTANBUL

Business bankruptcies in the EU rose 2.7% quarter-on-quarter in the third quarter of 2024, the bloc’s statistical bureau Eurostat said Thursday.

While many sectors reported bankruptcies, the biggest rise was seen in the transport sector, with a 28.8% jump in the number of businesses that declared bankruptcy.

At the same time, information and communication businesses saw a 15.3% surge in the number of bankruptcies, and accommodation and food services saw a 9.8% increase.

Meanwhile, education and social activity industry bankruptcies fell 16.3% and the number of bankruptcies in the financial sector dropped 6.8%.

As for business registrations, the EU saw an increase of 2.2% in the number of registrations on a quarterly basis in the third quarter.

The biggest jump in business registrations was seen in the transport sector with a 3.9% rise, followed by construction with 3.7%, and the financial sector with 2.7%.

In contrast, the communication sector saw a drop in the number of business registrations in the third quarter at 0.8%, followed by industry at 0.5%, and accommodation and food services at 0.2%, the data showed.