The number of companies going bust in the European nation has soared by 49.5 per cent in the first eight months of the year, with 2,474 companies being declared insolvent – 819 more than in the same period last year – according to data from the Ignios Business Centre.
Last month insolvent companies jumped by nine per cent from August last year – equivalent to 20 more companies in difficulties every day.
The catalyst for the trouble appears to be a plunge in exports.
Antonio Monteiro, chief executive of Ignios, said: “Exports, the main engine of economic growth in recent years, reveal a slowdown in recent figures released by the Institute of National Statistics.
“This will predictably have consequences for companies in the traditionally ex…
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