BRUSSELS: Over 32 million companies and institutions were operating in European Union countries in 2022, including 3.4 million newly established firms, Eurostat, the statistical office of the European Union, reported.According to Eurostat's Business Demography report Eurostat's Business Demography Statistics report, most EU countries saw more companies created than closed during 2022.However, Estonia, Ireland, Bulgaria, Poland, Denmark, and Germany recorded higher closure rates than creation rates, with an overall establishment rate of 10.5 percent and an initial closure rate of 8.7 percent.Lithuania, Portugal, and Estonia led with the highest company creation rates at 18.3 percent, 16.7 percent, and 16.6 percent, respectively. Conversely, Austria (6.2 percent), Denmark (7.4 percent), and Italy (7.9 percent) recorded the lowest creation rates.The highest bankruptcy or closure rates were observed in Estonia (25.1 percent), Bulgaria (20.6 percent), and Ireland (15.6 percent), while Greece (3.1 percent), Belgium (5.2 percent), and Cyprus (5.8 percent) had the lowest rates.Source: Emirates News Agency
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