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Southern European countries have some of the highest rates of going concern opinions in all of Europe. Four countries had going concern rates over 10% during fiscal year 2020. On average, Southern European countries had a going concern rate of 8.8%.
In this analysis, Southern European countries consist of the following.
The southeastern European countries have seen a decline in going concern rates during the past five years. Unlike most countries, going concern rates stayed flat or continued to decline in Bulgaria, Cyprus, and Greece through the pandemic.
The south-central European countries have seen minor changes in going concern rates over the past five years. However, the one exception is Slovenia. Slovenia saw a slight rise from 2017 to 2019. But going concern rates fell in 2020. Slovenia has a small population of publicly listed companies. Minor changes in the population have a significant impact on going concern rates.
The southwestern countries have seen diverging trends. Going concern rates in Spain have been falling throughout the decade. Malta and Portugal have seen going concern rates rise in recent years. Malta had no going concerns until 2019 when the pandemic began. Portugal has seen a steady rise in going concerns.
Read our previous blogs for more information about going concern trends throughout Europe.