KUKE: Bankruptcies up by 7.4% in July

The number of bankruptcies in July totaled 58, an increase of 7.4 percent y/y, according to data from the Export Credit Insurance Corporation (KUKE). In month-to-month term, the figure increased by 20.8 percent. “If we assume a 3.8 percent GDP growth for this year and the increase of net profit margin by 4.4 percent, we anticipate that some 550 companies will file for bankruptcy this year, similar to the levels recorded last year,” KUKE said in a statement. In the last 12 month period, as many as 562 companies have gone bankrupt.