ISTANBUL

The incidents of bankruptcy claims filed by companies and partnerships in Germany have increased by 34% to 762 year-on-year in September, exceeding forecasts, the economic research institute IWH said on Monday. 

The institute has predicted a rise of 25% a month ago for September, it added.

Steffen Muller, a director at the institute, said there will be visible increases in bankruptcies in the coming months.

For October, IWH's leading indicators signal for a one-third more bankruptcies annually, while in November, even a 40% level can be exceeded, he noted.

In addition to the "seriously deteriorating economic situation," bankruptcies stemmed from a sharp increase in prices of important factors of production, Muller said.

While the European Central Bank's interest rate hikes raised the financing costs for companies, the increased average wage per hour from €10.45 ($10.13) to €12 as of October added new costs to firms' budgets.

The rises in energy prices related to the ongoing Russia-Ukraine war have also adversely affected the costs.