In the study, the subsidiary of Crédito y Caución, a company specialising in credit insurance for the domestic and export markets, there were five fewer insolvencies in February than a year earlier, and 899 more new companies.

In the first two months of this year taken together, the number of new companies created was up 25.1% at 11,330.

The cumulative total for insolvencies was up 3.5% on the same period a year earlier, at 1,007, although this total was lower than the same period in both 2016 and 2017.