Growing number of new businesses in Italy while bankruptcies fall in Q2

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ROME, Sept. 17 (Xinhua) -- In what Italy's National Statistics Institute (ISTAT) called "further proof" of the country's economic recovery, the number of new business licenses increased, while bankruptcies fell in the second quarter (Q2) of this year.

ISTAT reported that the number of new businesses created in Q2 rose by 3.2 percent compared to the first quarter, while the number of bankruptcies declined by 8.9 percent over the same period.

Nearly 80,000 new businesses were created in the period between April and June of this year.

ISTAT said that when adjusted for seasonal factors, the increase in the number of newly registered businesses exceeded pre-pandemic levels in the following sectors: construction, information and communication services, financial, real estate, and professional activities.

Businesses related to tourism, such as hospitality and catering companies, have been hit the hardest by the coronavirus pandemic, ISTAT said. These sectors are still more than 40 percent below pre-pandemic levels, and in the second quarter, they recorded a further 5.7-percent decline quarter on quarter. Transport-related services also declined by 5.7 percent in the second quarter, meaning the sector has contracted by nearly a quarter compared to pre-pandemic levels.

Bankruptcies, meanwhile, declined across most economic sectors, with increases only in the health services, education, entertainment, and personal care sectors. Enditem

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