June 29 (Reuters) - The number of German firms pushed into insolvency rose in the first half of this year at the fastest pace in more than two decades due to the energy crisis, inflation and rising interest rates, a study by credit agency Creditreform showed on Thursday.
"The enormous cost burdens caused by excessively high energy and material costs are making an effect," said Creditreform chief economist Patrik-Ludwig Hantzsch.
Such a combination backfires on firms and leads to "an economic dead end" in a rising interest rate environment, Hantzsch said.
Creditreform sees a further rise in insolvencies over the rest of the year as high inflation and rising interest rates will keep hampering German businesses.
Reporting by Klaus Lauer, writing by Andrey Sychev, editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.
Persons:
Creditreform, Patrik, Ludwig Hantzsch, Hantzsch, Klaus Lauer, Andrey Sychev, Susan Fenton
Organizations:
Thomson
Locations:
Germany, insolvencies