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Business

German Bankruptcies on the Rise

The Federal Statistics Office announced on Thursday that the number of bankruptcies in Germany exceeded the 100,000 mark last year for the first time -- up by 19 percent as compared to 2002. The latest numbers show that insolvencies among private households are clearly rising while those among companies are gradually on the wane. The number of consumer bankruptcies soared by 57 percent to 33,609 and statisticians expect the number to further rise with the addition of up to three million indebted private households in Germany. The number of consumer insolvencies was particularly high in the former communist eastern German states. With 86 percent it was substantially higher than the national average. The figures also proved that while company bankruptcies rose by 9 percent in the first half of last year, the growth rate was just 0.4 percent in the second half.