Belgian small business failures up in January

11 February 2004

BRUSSELS – The number of Belgian firms that went bust in January was up by over three percent compared to January 2003, Belgium’s National Statistical Institute announced on Wednesday.

In nearly 90 percent of cases the firms declared bankrupt employed fewer than five people, the institute added.

The retail sector was hardest hit, representing 33 percent of the total number of failures. Transport companies were next worse off at 27 percent followed by the hotel and catering trade (17 percent) and the construction industry (11 percent).

The relatively low number of building industry failures reflects recent claims by the sector that it is holding up well at the moment.

Last month industry federations said they had had globally positive 2003, despite a generally gloomy economic climate, and they predicted an even better 2004.

Subject: Belgian news