Number of bankruptcies in Poland falls by 1.8% y/y in Q2 of 2014

By bne IntelliNews July 10, 2014

The number of companies declared bankrupt decreased by 1.8% y/y to 224 cases in Q2 of (after falling by 19.6% y/y a quarter earlier), export insurer KUKE reported citing data from the Polish courts. In June alone, the number of firms than went bankrupt declined by 10.6% y/y to 76.

At the same time, KUKE upheld its forecast for the whole-year number of bankruptcies - it expects a drop of 11.2% y/y (or 787 cases).

In the last 12 months (through June), a total of 836 enterprises went bankrupt vs. 915 firms in the previous 12 months.

The biggest number of bankruptcies was reported in the construction industry, followed by hotel-and-restaurants industry and culture and entertainment services.

KUKE also raised its forecast for Poland's GDP growth by 0.1pp to 3.3% in 2014 (from 1.6% in 2013), while enterprises' net profit margin will improve to 4.5% (this forecast has been unchanged).

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