A recent study from Intrum reveals that although the number of businesses facing payment delays has slightly decreased, the wave of bankruptcies is expected to continue through the fall. The report for the third quarter of 2024 shows a 2.38% drop in companies with payment delays compared to last year, with over 5% of Finnish businesses experiencing delays. While the accommodation and food service sectors are still struggling, public administration, defense, and mining industries have seen a significant rise in payment delays.
The report also points out that smaller businesses are hit harder by delayed payments compared to larger corporations. Despite some positive economic indicators like falling interest rates, bankruptcies are on the rise, surpassing last year’s figures by August. Although there are signs of cautious optimism for the Finnish economy, challenges like high interest rates and declining demand continue to affect businesses.
Iskala, Chief Commercial Officer at Intrum, advises entrepreneurs to proactively assess credit risks to minimize losses and highlights the importance of proper planning to avoid bankruptcy. With the hope of modest growth in the final quarter of the year, businesses remain cautiously optimistic about the future.