The net growth in the number of firms in Switzerland reached record levels in the first half of 2008, the country's association of creditors has reported.

In the first six months of this year, the total number of registered companies grew by 8,314, said Creditreform. That figure was roughly five per cent higher than the number for all of 2005.

From January to June 2008, a total of 19,108 new firms were registered, 3 per cent up on the same period last year. In June alone 3,427 companies were created, 8 per cent more than June 2007.

On the other side of the coin, 10,794 firms have disappeared from the Swiss commercial register since January, 9 per cent less than during the first six months of last year.

Creditreform also said that 2,009 firms – 398 in June – had been subject to bankruptcy proceedings. The organisation called that figure "very positive".

In contrast, personal bankruptcies rose one per cent from January to June, reaching 3,202.

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