Germany endured the highest wave of corporate bankruptcies in a decade in the first half of this year, a study by economic tracking agency Creditreform has suggested.

The first six months of this year saw some 11,900 German companies go bust, the study released on Thursday indicates. The figure represented a 9.4% increase over the same period last year, according to the agency. Some 141,000 employees worked at the companies affected.

“Despite some signs of hope, Germany remains mired in a deep economic and structural crisis. Companies are struggling with weak demand, rising costs, and persistent uncertainty,” Creditreform chief economist Patrik-Ludwig Hantzsch said.

The situation is expected to remain difficult as Germany continues to struggle with a recession that has dragged on for two years already. The wave of bankruptcies might ultimately increase in the next six months, given that the “persistently high level of insolvencies is increasingly triggering chain reactions,” Hantzsch warned.