Close to 280,000 entrepreneurs closed their businesses in 2023

Approximately 277,000 entrepreneurs closed their businesses in Czechia in 2023, the highest number since 1993, according to data from Imper, which provides online statistics about Czech companies. The closures are attributed to the uncertain economic situation, rising costs and higher administrative requirements such as mandatory data boxes. Last year, restaurants in particular did not fare well, struggling with higher costs and customers’ unwillingness to spend, Imper reported. Nearly 22,000 people left the restaurant business, compared to 6,209 in the previous year and just 1,526 in 2021. The second most common trade hit by closures was bricklaying.