This European Union nation has reported a number of failed businesses.
A tracking website says that rising inflation and energy costs have led to a rise in bankruptcies in the Netherlands.
According to data from the Faillissements Dossier, the number of bankruptcies in the Netherlands has more than doubled in the first three months of 2023. This was reported by the NL Times portal on Sunday.
According to the report, the businesses that have been hit the hardest are cafes, restaurants, stores, and online stores.
From January to March, 781 businesses and organisations in the country went out of business, compared to 506 at the same time last year. The number of cafes and restaurants that went out of business almost tripled, to 54.
The report said that a sharp rise in energy prices and high inflation were to blame for the growing number of bankruptcies in the Eurozone’s fifth-largest economy.
Last month, the Statistics Netherlands agency (CBS) said it would change the way it measures how much people pay for energy so it could get a better idea of inflation. CBS says that it will start using transaction data from energy suppliers to figure out how much consumers really have to pay.
Atradius, a credit insurance company, had said before that high energy costs, rising interest rates, and high wage demands could cause more than 4,000 Dutch businesses to go bankrupt in 2023.