BRUSSELS: Over 32 million companies and institutions were operating in European Union countries in 2022, with 3.4 million new firms established during the year, as reported by Eurostat, the statistical office of the European Union. According to Emirates News Agency, Eurostat's Business Demography Statistics report highlighted that most EU nations experienced a greater number of company creations than closures throughout the year. Nevertheless, several countries, including Estonia, Ireland, Bulgaria, Poland, Denmark, and Germany, faced higher closure rates than creation rates. The overall establishment rate within the EU was documented at 10.5 percent, compared to an initial closure rate of 8.7 percent. Lithuania, Portugal, and Estonia emerged as leaders in company creation rates, recording 18.3 percent, 16.7 percent, and 16.6 percent, respectively. In contrast, Austria (6.2 percent), Denmark (7.4 percent), and Italy (7.9 percent) were at the lower end of the spectrum for new company registrations. Bankrupt cy and closure rates were notably high in Estonia (25.1 percent), Bulgaria (20.6 percent), and Ireland (15.6 percent). Conversely, Greece (3.1 percent), Belgium (5.2 percent), and Cyprus (5.8 percent) experienced the lowest closure rates across the European Union.