Bankruptcy Filings Surge Across Finland
Bankruptcy filings are on the rise across nearly every sector in Finland, according to new data released by Statistics Finland.
Over the past three years, the number of bankruptcies has steadily climbed. The latest figures reveal that in 2022 alone, more than 3,900 companies filed for bankruptcy—the highest number recorded since 1996, a period marked by a significant economic crisis. This wave of insolvency impacted approximately 14,300 employees.
The trend has been particularly pronounced in recent months. December 2025 saw 360 bankruptcy proceedings initiated, which is 92 more than the same month in the previous year—a striking 34 percent increase.
Statistics Finland noted that this recent surge in bankruptcy filings has been developing over the past few years, with an average of 3,600 companies declaring insolvency annually since 2023. This is a notable rise from the decade prior when the annual average hovered around 2,700.
Mira Kuussaari, a senior statistician at the agency, highlighted that the number of bankruptcies last year surpassed earlier figures from the 2000s, only exceeded during the global financial crisis in 2009, and again in 2013. Notably, it was not until 2023 that the current wave of bankruptcies truly began to take shape.
Kuussaari pointed out that the economic turmoil has primarily struck small and medium-sized enterprises (SMEs), underscoring the vulnerability of these businesses in the current climate.
Among the sectors affected, construction saw the highest number of bankruptcies, with 768 companies closing their doors. Kuussaari noted that this sector peaked in bankruptcy filings in 2023, though trends in practically all other sectors are also on the rise.
“In nearly every other area, the trend continues to move upward,” she remarked in a press statement, shedding light on the broader economic challenges facing the country.