The Hague, Aug 12 The Netherlands saw a sharp rise in company bankruptcies in the first seven months of 2024, up by 43 percent year-on-year, Statistics Netherlands (CBS) reported on Monday.
The increase is part of an upward trend that has persisted for over two years, CBS highlighted.
In July, bankruptcies reached 453, marking a 6 percent increase from June. The trade sector was particularly affected, with 108 companies going bankrupt.
Notably, the international fashion brand Esprit announced the closure of more than 10 of its Dutch stores in July, Xinhua news agency reported.
Nevertheless, experts have anticipated this trend of bankruptcies. A May report by Rabobank showed that more than half of Dutch entrepreneurs perceived a decline in the business environment over the past five years.
The bank predicted a bleak outlook for investment and the overall business climate in the Netherlands driven by macroeconomic pressures, with bankruptcies expected to keep rising through the end of 2024.
A record low of 109 bankruptcies in August 2021 was attributed to government support during the COVID-19 pandemic. However, the withdrawal of these measures in 2022 has left many Dutch companies struggling with rising costs and a slowing economy.
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