{"id":84094,"date":"2022-07-13T08:11:00","date_gmt":"2022-07-13T06:11:00","guid":{"rendered":"https:\/\/cms.munich-startup.net\/?p=84094"},"modified":"2022-07-12T13:37:08","modified_gmt":"2022-07-12T11:37:08","slug":"annual-economic-report-corona-insolvencies-wave-has-failed-to-materialize","status":"publish","type":"post","link":"https:\/\/cms.munich-startup.net\/en\/84094\/annual-economic-report-corona-insolvencies-wave-has-failed-to-materialize\/","title":{"rendered":"Annual Economic Report: Corona-related insolvencies wave has not materialized"},"content":{"rendered":"
\n

Munich companies were spared the feared wave of insolvencies caused by the coronavirus. The number of insolvencies in the city has actually been declining continuously since 2018: from 452 in 2018 to 423 in 2019, 388 in 2020 to just 334 in 2021. This represents a decline of 13.9 percent compared to the previous year and a decline of 26.1 percent within three years. The number of start-ups plummeted to 15,995 in the coronavirus year of 2020, but recovered to 17,248 last year, roughly equivalent to the multi-year average.<\/p>\n\n\n\n

Annual Economic Report: Munich's startup scene is flourishing<\/h2>\n\n\n\n

The Annual Economic Report<\/a> highlights the success of the Munich startup scene and reports with reference to the Munich Startup Insights<\/a> of a total of 4.2 billion euros in investments for Munich startups. The report highlights the role of Munich's colleges and universities in the startup ecosystem.<\/p>\n\n\n\n

"Munich's startup scene benefits from a high-tech-oriented ecosystem with a unique mix of well-known and internationally successful large companies, established startups, an excellent university and research landscape with outstanding talent, and institutional multipliers."<\/p><\/blockquote>\n\n\n\n

The digital and startup sectors are becoming increasingly important for Munich's labor market: Last year, 93,400 people worked in Munich's IT and communications sector, approximately 6,628 or 7.1 percent more than in 2020 and 41,600 or 72 percent more than ten years ago. Currently, almost 11 percent of all working Munich residents are employed in the sector.<\/p>\n\n\n\n

Trade tax revenues at record high<\/h2>\n\n\n\n

After the city of Munich's trade tax revenues plummeted by just over one billion euros to 1.7 billion euros in 2020, back payments in 2021 resulted in a record trade tax revenue: Munich collected 3.3 billion euros in trade tax. The city expects 2.8 billion euros in trade tax revenue this year.<\/p>\n\n\n\n

In 2020, the city had to take on new debt of \u20ac989 million due to revenue shortfalls. Munich's per capita debt rose from \u20ac412 per inhabitant in 2019 to \u20ac965 per inhabitant in 2021. Due to persistently high investment spending of \u20ac1.5 billion last year and \u20ac1.9 billion planned for this year, the state capital expects a further increase in debt.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

The City of Munich has presented its 2022 Annual Economic Report. Munich's economy and city treasury have coped surprisingly well with the consequences of the coronavirus crisis.<\/p>","protected":false},"author":26,"featured_media":55609,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5638,1],"tags":[3226],"acf":[],"yoast_head":"\nJahreswirtschaftsbericht: Corona-Insolvenzwelle ist ausgeblieben<\/title>\n<meta name=\"description\" content=\"Der M\u00fcnchner Jahreswirtschaftsbericht 2022 zeigt: Wirtschaft und die Stadtkasse haben die Corona-Krise \u00fcberraschend gut verkraftet.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cms.munich-startup.net\/en\/84094\/annual-economic-report-corona-insolvencies-wave-has-failed-to-materialize\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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