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Bankruptcies down to pre-recession figures

More signs of Finland's strengthening economy are on the horizon, as in the first half of the year the number of declared bankruptcies fell lower than it has since the beginning of the global economic recession. The Tax Authority does caution, however, that the apparent downswing may be due in part to a newly adopted IT system.

Kuvassa laskuja ja muutamia euroja.
The downward trend in domestic bankruptcies continues this year. Image: Anssi Leppänen / Yle

A total of 1,083 bankruptcies were declared in Finland from January-June, which is some 20 percent less than a year ago previously. Statistics Finland reports that the number went down in all major sectors, a trend that began in 2013 (when 1,628 bankruptcies were filed).

The new figure may not reflect the status quo entirely accurately, as part of the drop is due to the Tax Authority – whose bankruptcy filing numbers went down by more than a third in one year – switching to a new data system late last year.

Nevertheless, bankruptcy statistics have not been this low in Finland since before the global economic recession began in 2008. Early that year there were more than 1,200 filings, whereas in 2009 the number had jumped to over 1,700.

The drop in bankruptcies follows other recent indications of economic growth. The metalwork and shipbuilding industries saw the greatest growth year-on-year, the most ever in terms of new international orders since Statistics Finland began recording such changes in 2005. The housing credit institution Hypo predicts economic growth of up to 3 percent this year, ahead of the Bank of Finland's 2.1 percent forecast from June.

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