THE number of businesses declared bankrupt in Spain last year rose by 31% compared to 2020.

In contrast, 102,169 new companies were registered in 2021, an increase of 34% on the year before, according to figures compiled by Axesor Business Radar.

The largest number of bankruptcies granted were in Catalunya with 1,373, up by 38% over a year.

One of the biggest percentage rises was in the Valencian Community with a 46% hike with 781 companies declared bankrupt.

The Catalunya, Madrid, and Valencia regions dominated the list of dissolved companies.

Insolvencies within the hospitality sector rose by 85% over 12 months due to trading restrictions brought on by the COVID-19 pandemic.

Health-related, financial and construction are the main areas driving the list of new companies formed in 2021 according to the Axesor study.

Registered health and social service firms went up by 58%.

Over 34% of new companies formed last year are connected to real estate with 13,507 new ventures registered.

Commerce and finance-based enterprises rose by 29% with 21,037 start-ups logged in 2021.

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