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Insolvencies of companies in Portugal increased by 64.5% in August compared to the same period last year, accumulating an increase of 10.6% in 2020, while the new companies created fell by 10.2% and almost 30% , respectively, Iberinform announced today. .
“There is a 64.5% increase in bad debts in August, with 199 companies bankrupt, 78 more than in the same period of 2019. In the accumulated result of the year, the increase is 10.6%, with a total of 3,342 insolvencies, more 319 than in the same period last year, ”the Crédito y Caución branch reported in a statement.
The districts of Porto and Lisbon with the highest number of insolvencies stand out – 836 and 697, respectively – which represents an increase of 13.1% in Lisbon and 9.3% in Porto until August, compared to the previous year.
However, the most significant year-on-year growth occurred in Angra do Heroísmo (+ 50%), Castelo Branco (+ 50%), Faro (+ 43.2%), Viana do Castelo (+ 39.5%), Évora ( + 29.6%), Beja (+ 29.4%), Ponta Delgada (+ 27.8%), Madeira (+ 25.4%) and Santarém (+ 14.7%).
On the contrary, insolvencies decreased in the districts of Guarda (-25%), Vila Real (-20%), Coimbra (-19.8%) and Viseu (-1.4%), keeping Horta the same as in 2019 : four bad debts.
By sectors, Iberinform data points to ‘construction and public works’ as the only activity that registers a decrease (4.4%) in the number of companies declared bankrupt compared to 2019.
The largest increases were found in the areas of ‘telecommunications’ (+ 66.7%),’ hotels and restaurants’ (+ 29.2%), ‘other services’ (+ 20.5%),’ electricity, gas, water ‘(+ 16.7%),’ wholesale trade ‘(+ 15.7%) and’ vehicle trade ‘(+ 12.5%).
Regarding the creation of new companies, in August there was a year-on-year decrease of 10.2%, from 2,920 in August 2019 to 2,621 in the same month of 2020 (minus 299 new constitutions), and in accumulated terms the decrease was 29.9% (from 34,424 to 24,113 new companies).
The Lisbon area maintained the leadership in this indicator, with 7,558 new companies, but nevertheless registered a decrease of 33.6% compared to the first eight months of 2019.
Porto registered 4,334 new constitutions, 30.6% less than last year.
According to Iberform, all districts show a decrease in constitutions, with the most significant decreases in Aveiro (-39.5%), Setúbal (-35.5%), Angra do Heroísmo (-33.3%), Ponta Delgada ( -33.2%), Faro (-33%), Madeira (-31.8%), Leiria (-30.2%), Viana do Castelo (-28.2%), Coimbra (- 27.2% ), Guarda (-24.1%), Braga (-23.3%), Horta (-22.2%), Beja (-21.7%), Évora (-21.5%), Santarém (- 20.6%), Viseu (-20.4%) and Castelo Branco (-19.3%).
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