Relatively high interest rates and a decline in consumer spending on entertainment and recreational activity are being blamed for a sharp rise in bankruptcies during the first quarter of 2025. Filings were up by 67.3, confirmed the state statistics bureau SSB (Statistics Norway).
News bureau NTB reported that both shareholder- and privately owned businesses are going bankrupt, mostly those offering discretionary services within the cultural, educational and sports sectors. Inflation and high interest rates seem to be prompting consumers to give up such expenses at present.
The hotel and restaurant sector experienced nearly twice the number of bankruptcies last winter compared to the same period last year. Other hard-hit sectors include construction, professional and transport services. Nearly 4,000 shareholder-owned firms filed for bankruptcy during the 12 months ending April 1.
NewsinEnglish.no staff
