Continued rise in bankruptcies in the German economy

Statistics Germany reported that the number of bankrupt companies in this country has been regularly increasing since August 2022.In recent months, Germany has faced several crises due to the consequences of the war in Ukraine and the sanctions imposed on Russia under the pretext of this war.
 
The German Federal Statistical Office announced on Thursday in its preliminary data that the number of bankruptcy filings in Germany increased by 13.9 percent in June compared to last year.
 
The German Federal Statistical Office noted that in April, when the final data was available, Germany's transport and warehousing sectors registered the highest number of bankruptcies with 10,000 companies, followed by other sectors of the economy such as temporary employment agencies.
 
The Kiel Institute in Germany also said that after a half-percentage contraction recorded in the fourth quarter of last year in Germany, the country's gross domestic product fell again by three-tenths of a percent in the first quarter of 2023.
 
Information from the German Federal Statistical Agency recently showed that industrial production in this country unexpectedly declined in May.
 The main reason for the decline in the productivity of German industry is a 13% reduction in the production of medicines and medical products in this country, which in general decreased production in Germany by 0.2%.