Number of German insolvencies climbs further in August

BERLIN (Reuters) - Germany saw a 10.7% increase in insolvencies in August compared to a year earlier, the federal statistics office reported on Wednesday, adding to data that show persistent difficulties for companies in Europe's largest economy.

The growth rate in insolvencies has been in double-digit territory since June 2023, with the exception of June 2024, when the year-on-year increase eased briefly to 6.3%, the office said.

In the first half of 2024, German courts reported 10,702 corporate insolvencies, up 24.9% year on year, according to final data.

The transport and storage sector accounted for most insolvencies in that period, followed by the construction industry, business services such as temporary employment agencies and hospitality.

(Reporting by Rachel More, editing by Thomas Seythal)