The most recent study conducted by Coface Romania shows that 3,855 new insolvency proceedings were initiated in the first half of 2026, an increase of 12.36% compared to the same period last year. There were 98 new preventive composition proceedings, compared to 64 new preventive composition proceedings in the first half of 2025. The wholesale and retail trade sector reported the highest number of insolvencies, 860, down 1% from the same period last year.
Economic context – the first half of the year marked by instability
The global economy remained resilient in the first half of 2026, while Romania faced a period of stagflation, characterized by economic contraction and high inflation. Romania’s GDP declined by 0.8% in the first half of 2026 compared to the same period in 2025 (gross series) and by 1.6% on a seasonally adjusted basis, amid a collapse in consumption and aggressive fiscal consolidation.
The main reason for the decline in domestic GDP during the first six months of 2026 was a 5.7% drop in consumption, marking the sharpest contraction in the past 16 years. Inflation remained at 10.4% in June 2026, with prices having risen by 3.8% since the beginning of the year. In the first half of 2026, compared to the same period in 2025, the budget deficit was reduced by 1.65 percentage points, from 3.64% of GDP to 2% of GDP.
The eurozone outperformed expectations in the first half of the year, although domestic demand remained low, maintaining dependence on exports, and geopolitical factors (the conflicts in Ukraine and the Middle East) are keeping instability at record levels.
“The results for the first half of 2026 confirm that the business environment in Romania remains under pressure from the economic slowdown, high costs, and fiscal consolidation measures. Under these circumstances, we expect payment discipline to remain under pressure, and the number of insolvencies to continue its upward trend.
However, we are seeing a positive trend: an increasing number of companies are choosing to adopt preventive restructuring measures before financial difficulties become critical. In a context marked by uncertainty, proactive risk management, financial discipline, and careful monitoring of liquidity will be essential for strengthening resilience and ensuring long-term business continuity,” said Alina Popa, Country Manager at Coface Romania.
Trends Among Insolvent Companies
The top three sectors, based on the number of companies that filed for insolvency in the first half of this year, are Wholesale and Retail Trade (860), Construction (852), and Transportation and Warehouse (478).
Looking at the top 7 economic sectors, we observe that the Agriculture, Forestry, and Fishing sector recorded the largest increase in the number of insolvencies—nearly 78% —compared to the first half of 2025, followed by Professional, Scientific, and Technical Activities with a 21% increase, and Construction, where there were 17% more insolvencies than in the first six months of last year.
The high concentration of insolvencies in the top 7 sectors (85% of the total number of insolvencies) is explained by the high sectoral concentration in terms of both legally active companies and economically active companies (those with positive revenue). Thus, companies operating in the top 7 sectors account for 72.7% of all legally active companies.
An overview of industry sectors
In the first months of 2026, the retail sector experienced a decline in sales, which led to a significant slowdown in activity. The main factors behind this decline were high inflation (+10%), falling demand, and consumer confidence, which was at historic lows.
The construction sector performed well in the first half of 2026, with the volume of work up 13.9% (gross series) compared to the same period in 2025. However, as we have also shown in previous editions of the Insolvency Study, the construction sector remains one of the riskiest sectors of activity.
Romania’s industrial production fell by 3.3% in the first half of 2026 compared to the same period in 2025, according to data from the National Institute of Statistics (INS). Thus, industry accounted for approximately 15% of Romania’s GDP in the first half of 2026, whereas in 2015 it accounted for 23.8% of GDP. The main contributor to this decline was the manufacturing sector, which accounts for approximately 80% of total industrial production
“The data paint a challenging picture for the local business environment in the first half of this year. The number of companies with revenue exceeding 500,000 EUR that filed for insolvency during this period is more than 60% higher than in the same period of 2025 (H1 2026 vs. H1 2025). In the first 6 months of 2026, 98 new voluntary reorganization proceedings were initiated, compared to 64 new voluntary reorganization proceedings initiated in the first half of 2025. Of these, approximately 60% are companies that reported a turnover exceeding 500,000 EUR in the 2025 fiscal year. This trend indicates a growing adoption of protective measures among more mature and larger companies, thereby increasing the economic and social impact,” added Tiberiu Chesoi, Head of the Claims Department at Coface Romania.
Geographical distribution of insolvencies
At the regional level, we observe a very sharp increase in the number of insolvencies in the NORTHEAST region (Iași, Bacău, Suceava, Neamț, Botoșani, and Vaslui) of nearly 40%. This increase can be explained by the large number of small companies in this region operating in vulnerable sectors, which recorded the highest number of insolvencies: Retail, Construction, Transportation and Warehousing, and HORECA.
A similar trend was observed in the SOUTHWEST region (Dolj, Gorj, Vâlcea, Mehedinți, and Olt), which recorded a mere 1.6% increase in the number of newly registered companies in the first 6 months of 2026 (compared to 7.9% nationwide), compared to the same period in 2025, but which saw a sharp increase in the number of insolvencies of over 22% (H1 2026 compared to H1 2025). This trend confirms that during a period of high inflation, fiscal consolidation, and recession, the most vulnerable regions are those where the average GDP per capita is well below the national average.
