Eurostat data – The hospitality sector hit hard by recent covid-19 crisis and high energy prices
The hospitality sector recorded the highest increase in bankruptcies amongst businesses since the beginning of the COVID-19 pandemic.
This is one of the main outtakes from the latest statistics on business bankruptcies and new registrations published by Eurostat.
According to the provided data:
- Compared to pre-pandemic Q4 2019 the number of bankruptcies in the accommodation and food services sector in Q4 2022 increased by 97.7%. This is the highest number among all covered sectors.
- Comparing Q3 and Q4 2022, the accommodation and food services sector accounted for the second- highest increase in the number of bankruptcies (+39.4%) behind the transportation and storage sector.
- Comparing 2021 to 2022 a trend of an increase in the registration of new businesses is also noticed however this increase does not match up with the number of notified bankruptcies.
The data showcases that the hospitality sector has been hit hard by the recent crisis, such as Covid-19 and high energy prices. HOTREC call on continued support for the hospitality sector.