Despite the pandemic, Sweden saw the lowest bankruptcy figures in four years in 2021. The largest reduction in number of bankruptcies compared to the previous year was noted in North Bothnia County.
Despite a global pandemic, 2021 was a year of strong growth in Sweden. The number of bankruptcies nationally declined by 12 percent compared to 2020, and in many affected industries, the number of start-ups has increased.
This is stated in an annual report from UC [Upplysningscentralen, ‘the Information Central’], one of Sweden’s leading suppliers of digital corporate and consumer information services.
According to UC’s statistics, the number of bankruptcies in 2021 were on par with 2017.
High growth, vaccinations and support measures have aided small companies through the pandemic and many bankruptcies have been avoided, the credit information company writes.
The bankruptcy figures decline in industries such as retail and restaurant and the hotel industry compared to 2020. UC further notes that the construction industry has been positively affected during the pandemic, as the demand for remodeling and refurbishing of houses has increased.
North Bothnia stands out
The figures for the country’s counties show a somewhat more diverse image. In some counties, bankruptcy numbers have increased, whereas in others, they have declined.
Statistics from the international credit information agency Creditsafe show that North Bothnia was the county with the strongest development. The number of bankruptcies for limited companies declined by 35 percent compared to the year before.
In December, North Bothnia County saw a 75 percent reduction in the number of bankruptcies compared to September 2020, UC writes. In West Bothnia County, the number of bankruptcies declined with ten percent compared to the previous year.
This article was originally published in Norwegian and has been translated by HNN's Elisabeth Bergquist.