The year 2012 was a tragic one for construction companies. The bigger contracts they had, the quicker they went bankrupt. From January to November, 259 construction firms declared bankruptcy, including the ones that built highways and stadiums for EURO 2012, reports Gazeta Wyborcza.

But that wasn't the only sector that fell on hard times. Numerous companies in machinery, foodstuff and transport industries had to pack up their bags. Also affected by the economical downturn were services and transportation sectors.

“In 2012, 941 companies in Poland declared insolvency” reports Euler Hermes, a trade credit insurance company.“ This is the most since 2004.

The next year could be even worse for Polish companies. Analysts from Export Credit Insurance Corporation (KUKE) predict that the number of insolvents will exceed 1300. This tendency will continue in the first two quarters of the year, and hopefully slow down in the second half of 2013, the KUKE report states.

JC