According to Statistics Finland, 268 bankruptcies were initiated in December 2024. This is 24 more than at the same time a year earlier. In 2024, a total of 3,484 enterprises were filed for bankruptcy.
- Of the 268 bankruptcy proceedings initiated:
- Limited companies: 211
- General and limited partnerships: 6
- Individuals (Natural persons): 41
- Others: 10
In the construction sector, 47 companies filed for bankruptcy, and in the retail sector, 44 companies did. These sectors consistently topped the bankruptcy statistics throughout 2024. The recovery in the construction sector is indicated by the fact that the number of bankruptcy filings in this sector has decreased the most.
Bankruptcies instigated, number of enterprises
| SECTOR | 2024M12 | 2023M12 |
|---|---|---|
| Construction | 47 | 59 |
| Wholesale and retail trade | 44 | 35 |
Compared to December 2023, the number of bankruptcy filings has increased the most in the agriculture, forestry, and fishing sectors relative to other industries, and the most in absolute terms in the accommodation and food service sector. The most bankruptcies in December 2024 occurred in the other services sector, which includes information and communication services, financial and insurance activities, real estate operations, professional, scientific and technical activities, administrative and support services, educational services, health and social services, as well as arts, entertainment, and recreation activities.
In 2024, 3,484 bankruptcies were filed, up from 3,315 in 2023 and 2,654 in 2022. During the pandemic, the numbers were even lower: 2,135 in 2020 and 2,472 in 2021, says Tiina Toivonen, Head of Legislation at Suomen Yrittäjät (Finnish Entrepreneurs). She attributes the increase in bankruptcies to Finland's slow economic growth and urges the government to implement labor market reforms, enhance workforce mobility, and eliminate business-hindering regulations.
The full information and the source text can be found at yrittajat.fi website and full statistic data at Statistics Finland website.
Published 20.01.2025, FINREPO