Insolvencies in Germany up 22.9% year-on-year in October
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FILE PHOTO: The financial district with the headquarters of Germany's largest business bank, Deutsche Bank is photographed on early evening in Frankfurt, Germany, January 29, 2019. REUTERS/Kai Pfaffenbach/File Photo
BERLIN (Reuters) - The number of insolvencies in Germany rose by 22.9% in October on the previous year, the country's statistics office Destatis said on Thursday.
This means that with the exception of June 2024, the number of involvencies has seen double-digit monthly increases since June 2023, Destatis said.
"Collapsing demand from Germany and abroad, high costs for energy and skilled workers, considerable burdens from taxes and bureaucracy - all of this is putting pressure on business prospects and the financial situation," the German chambers of commerce and industry (DIHK) said in response to the figures.
Germany's economy is struggling with sluggish overseas demand, shortages of skilled labour and increasingly fierce competition from China.
Its GDP has grown by 0.1% in real terms over the past five years, meaning that its economic development continues to lag in international comparisons.
($1 = 0.9497 euros)
(Reporting by Friederike Heine, Editing by Rachel More)
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