Spain’s bankruptcies reach record high since 2004

The number of Spain’s corporate and individual bankruptcies has reached a peak since 2004, according to data published by the National Institute of Statistics (INE).

In the second quarter of 2012, the number of companies and persons which asked for a suspension of payments rose to 2272, an increase of 28,6%.

Meanwhile, the number of companies operating in the country fell for a fourth straight year in 2011 to a five-year low.

According to the INE, the number of companies active in the country fell by 1.6% to 3.199m, with the biggest contraction recorded in the real estate sector.

The statistical office also reported a downturn in Spain’s industrial production in June, with industrial output down by 6.3% annually.

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