Latvia saw positive trend in numbers of businesses in 2023

Last year, 7,844 businesses were liquidated, the lowest number since 2015, according to data from Lursoft published January 5.

For the last seven years the number of liquidated enterprises had consistently exceeded the number of newly registered enterprises annually. A positive trend was registered last year – new enterprises were again registered more than liquidated enterprises. Data from Lursoft shows there were 928 more new businesses in 2023 than those liquidated.

Compared to a year ago, the number of enterprises liquidated decreased by 28.4%. 

Data on newly registered and liquidated enterprises in the last 10 years show that in this period the total number of enterprises in Latvia has decreased by more than 27.6 thousand. "These statistics have undeniably been significantly affected in particular by the massive liquidation of companies between 2017 and 2019. However, it should be recognized that the number of enterprises liquidated in other years – compared to newly registered companies – remained very high," Lursoft board Member Daiga Kiopa explained in a statement to the media.

The average age of businesses liquidated in 2023 is 9 years.

Of all enterprises liquidated last year, 78.9% were limited liability companies, while another 8.3% – individual merchants. 

Lursoft uses publicly available information released by the Enterprise Register and the State Revenue Service.

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