In March, 294 companies went bankrupt in Norway

Photo: Håkon Mosvold Larsen / NTB

A high level of bankruptcies was registered in March. Analysts believe that the absence of corona support schemes is to blame. 

In the first quarter, the increase in bankruptcy amounted to 8% compared with last year. In March, 294 companies went bankrupt, which is the most since November 2020.

However, the number of bankruptcies during the pandemic has been at a record low.

“Now that the support schemes no longer exist, it is natural that it has consequences for both individual companies and industries,” analyst Julie Berg in Experian stated in a press release.

In recent months, multiple construction companies have gone bankrupt. 

“Now that the pandemic is apparently over and the prices of building materials are higher than ever, in combination with generally uncertain times, it is natural that people are a little more careful with their money,” Berg said.

Geographically, the increase in bankruptcies is greatest in Nordland and Troms og Finnmark.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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