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Corporate insolvencies increased 4.5% in the first four months of the year, with a total of 1,745 shares, 75 more than in the same period of 2019, Iberinform reported today.
Although insolvencies in April decreased by 20% compared to the same period last year, which may be justified by the activity limitations resulting from the pandemic situation and the impacts of the state of emergency, in cumulative terms, the first four months of 2020 show an upward trend in insolvencies, says the report by Iberinform, specialist in commercial, financial and risk information for companies.
In an analysis by type of shares, until the end of April there was an increase of 32.4% in the insolvency declarations filed by the companies themselves, whose value increased from 364 in 2019 to 482 in 2020.
In contrast, the insolvency declarations required by third parties decreased by 3.5%, while the declared insolvencies (closing procedures) decreased by 3.3%.
The Porto district has the highest number of insolvencies, with 429, however, a value 1.2% lower than that of 2019.
It is followed by the Lisbon district, with 354 insolvencies and a slight increase compared to last year (0.6%) and, thirdly, the Braga district, 211 insolvencies and an increase of 14.1%.
The most significant increases, however, belong to Angra do Heroísmo, which doubled the number of insolvencies, Portalegre (83.3%), Castelo Branco (66.7%), Santarém (33.9%), Faro (32, 4%) and Viana do Castelo (30.4%).
By activity sector, the insolvency increases were more significant in the electricity, gas and water sectors (100%), agriculture, hunting and fishing (46.2%) and hotels and restaurants (15%).
Telecommunications (-50%), construction and public works (-16.5%), vehicle trade (-12.3%) and transport (-2.5%) stand out.
The “Great Confinement” has led the International Monetary Fund (IMF) to make unprecedented forecasts in its almost 75 years: the world economy may drop 3% in 2020, dragged down by a contraction of 5.9% in the United States, 7.5% in the euro area and 5.2% in Japan.
For Portugal, the IMF predicts a recession of 8% and an unemployment rate of 13.9% in 2020.
The European Commission, on the other hand, estimates that the eurozone economy will experience a record contraction of 7.7% of GDP this year, as a result of the covid-19 pandemic, which only partially recovered in 2021, with growth of 6.3% .
For Portugal, Brussels estimates a contraction of the economy of 6.8%, less severe than the European average, but projects a recovery in 2021 of 5.8% of GDP, below the EU average (6.1%) and the euro zone
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