A record 3,285 individuals and businesses filed for bankruptcy in Spain, the first half of this year. The figures revealed by the National Statistics Institute, Wednedsay, is three times the figure for the whole of 2008.
Real Estate and Construction Doomed
Out of the over 3,000 declared bankruptcies in Spain this first semester, 32.1 per cent were involved in the construction of real estate industry. The remaining bankruptcies were involved in industry and energy (24.9 per cent) and the retail business sector (17.3 per cent).
Small Businesses and Self-Employed, the Big Losers in Spain
Around 60 per cent of the companies that filed for bankruptcy in Spain, had an annual turnover of less than 2 million euros. Meanwhile, the number of self-employed that declared bankruptcy soared 196.2 per cent and the number of family businesses declaring bankruptcy saw an increase of 151.8 per cent.
The bankruptcy figures were released just days after unemployment was revealed to have fallen in Spain for the third consecutive month.