Bankruptcy figures soar by 43% in France

In the past 12 months, the number of bankruptcies of small and medium-sized enterprises in France has almost doubled and reached 43.6%, Media.az reports.

These statistics were caused by the fact that the French authorities have curtailed support measures, which provided good protection for small and medium-sized businesses during the period of the pandemic COVID-19. Now bankruptcy statistics are back on the rise in many sectors.

Agricultural businesses, hotels, restaurants, and retail shops are the hardest hit at the moment. Furthermore, the experts warn that all of these businesses will suffer even more in the coming months.

According to Thierry Millon, lead researcher at Altares, persistent inflation, especially in the food segment, will continue to weigh on household spending - especially as the summer season is about to begin when people prefer to spend first and foremost on holidays and save on consumption.

At least 55,000 businesses are predicted to file for bankruptcy by the end of 2023, which would mean a return to 2018 figures.