Bankruptcies in Sweden going down.
Corporate bankruptcies are fewer every month and compared to last year amounted to 17% less for this year's first quarter. In April, bankruptcies fell by an encouraging 25%, bringing the first four-month figure to 19% fewer company failures. During April, 493 companies declared bankruptcy, and over the first four months, 2,083 Swedish businesses bit the corporate dust.

According to UC AB, the business and credit information agency owned by major Swedish banks, almost all counties and business sectors are showing positive tendencies except the hotel and catering business. The agency believed that this was due to stiff competition, narrow margins and also a drop in business meetings and conferences. In about a month, the Royal Wedding ought to provide some temporary relief to this beleaguered sector.

Major metro areas fared better than a year ago, and on a provincial basis, the southernmost county of Skåne saw the greatest decline in company bankruptcies. Nonetheless, Swedes remain wary of celebrating the recession's recovery, although the country is financially positioned in relative solvency compared to other European Union members, especially those whose currency has been converted to Euros.

"Despite a strong Swedish economy, we have international worries that include the crisis in Greece and also other European countries with significant problems. Furthermore, the exporting companies - among them many heavy industries and their suppliers - are affected if the Swedish Crown continues to strengthen against the Euro," cautioned Roland Sigbladh, marketing director at UC.

He added that the upcoming elections in September brought uncertainties to the business world as well as the overhanging threat of interest rate increases.

Source: www.uc.se