In the first six months of the year, 511 businesses closed down permanently. This is the lowest figure since 2017. However, the joy might only be short-lived. In the long term, Luxembourg is not expected to escape the international trend, according to the statement published on Wednesday.
Creditreform believes that by this autumn at the latest, the number of bankruptcies will rise sharply in the Grand Duchy too. So far, Luxembourg has weathered the crisis relatively well thanks to government measures and structural advantages, but the economic consequences of the current crisis are slightly delayed.
Small companies and those established less than five years ago have been the most affected by bankruptcies.
In the first half of 2022, the construction sector recorded 47 bankruptcies, which corresponds to a decrease of 28% compared to 2021. 365 bankruptcies were declared in the service sector, 107 in the trade sector, and 77 in the hotel and catering sector. The Horesca sector is thus at the same level as in 2019, according to Creditreform.
