It’s a bust

THE state of the economy in the wake of the Ukraine war and the post-pandemic period contributed to the highest number of Spanish companies folding in 2022 for 27 years.

The National Institute of Statistics (INE) says that 26,207 firms closed their doors last year - 10.1% more than in 2021, and the highest figure since 1995. Most of the dissolutions were voluntary, with 2,997 businesses disappearing via mergers and 2,494 for other reasons. The largest number of closures were in Madrid (8,842), Andalucia (3,988) and Valencia (2,177), while at the other end of the scale, Navarra saw just 91 dissolutions.