The number of firms registered in Poland that went bankrupt from January to August this year rose by 23 percent year-on-year, according to data from Euler Hermes.

In August alone, 76 firms announced bankruptcy compared to 56 in August of last year. Meanwhile, since the beginning of the year, 623 Polish firms have gone bankrupt compared to 507 in the same period of 2011.

Due to bankruptcies in July and August, over 10,000 have lost their jobs, although analysts at Euler Hermes told Rzeczpospolita that the number of jobs lost might be even bigger since employment data is not revised as often as other financial data.

The increasing bankruptcies are further evidence of an economic slowdown in Poland, economists say.

RA