Berlin: The number of company bankruptcies in Germany surged to its highest level in over two decades during April, indicating continued pressure on German businesses, particularly in the hotel, restaurant, and real estate sectors.

According to Qatar News Agency, the Leibniz Institute for Economic Research said that 1,776 bankruptcies were recorded in April, marking a 3% increase compared to March and a 10% increase compared to April of last year. The number also rose by 82% compared to the average for April between 2016 and 2019, prior to the COVID-19 pandemic.

This is the highest monthly level of bankruptcies for partnerships and corporations in Germany since June 2005, when 1,859 bankruptcies were recorded, the institute said. It noted that the number of employees affected by the bankruptcies was significantly higher than in March and more than doubled the average for April in the pre-pandemic years between 2016 and 2019, representing a 112% increase.