Indicators
Swedish Defaults Surge, Marking Worst February Since 1994
- 902 firms went bankrupt last month, according to Creditsafe
- Restaurants and construction companies among those worst hit
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Swedish bankruptcies rose in February to the highest level for that month in three decades, as housing construction has screeched to a halt and restaurants are facing lower demand amid rising prices and borrowing costs.
The number of defaults — which tends to fluctuate seasonally — rose by 62% from a year earlier to 902 last month, according to data compiled by credit reference company Creditsafe. The largest increase was recorded among hotels and restaurants, followed by consultancy firms and companies in the construction industry.