Dutch bankruptcies increase in July

A total of 779 Dutch businesses and institutions were declared bankrupt in the Netherlands in July, an increase of over 100 companies from June, the Central Bureau for Statistics (CBS) announced Monday. According to the CBS, many businesses and institutions that were declared bankrupt in July were active in the sectors trade (224) and construction (92). The number of bankruptcies in the construction sector was lower than in previous months, while the number of bankruptcies in the trade sector was higher. \"Due to the current economic crisis, the retail sector is facing hard times... Consumers spend less on products such as cars, furniture and electronic devices,\" chief economist of the CBS Peter Hein van Mulligen told Xinhua. As the number of businesses declared bankrupt in a particular month is closely related to the number of days courts are in session, it may vary considerably from one month to the next, said the CBS. Therefore, the three-month moving average is a more reliable indicator. The three-month moving average climbed from 722 in June to 751 in July.