Businesses in the EU Close at Record Speed

The number of large enterprises shutting down in the European Union has reached its highest level since the peak of the global financial crisis, based on data from a monitoring report by RIA Novosti.

Unlike previous years where Germany accounted for the majority of closed businesses, this year, the figures are nearly evenly distributed among several countries. The highest closure rate is in Spain at 17%, followed by France at 14%, and both the Czech Republic and Germany at 11%. In Croatia and Denmark, only one company ceased operations.

As a result, 18,000 workers have lost their jobs in the industrial sector. This is the third worst result in EU history; during the peak of COVID-19, 18.7 thousand people lost their jobs, while 27.3 thousand were affected during the global financial crisis.