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Italian economy shrank by 12.4 per cent in second quarter of 2020

Rome, Italy’s gross domestic product (GDP) plunged by 12.4 per cent quarter-on-quarter in the April-June period, which mostly coincided with a coronavirus lockdown.

 

The calendar and seasonally adjusted contraction is “unprecedented” and due to “the economic effects of the health emergency and of the adopted containment measures,” national statistics agency Istat says.

 

However, the fall for the eurozone’s third-largest economy was less dramatic than expected, said a dpa report.

 

Before the release of Istat data, Italian bank Unicredit said it was expecting a quarter-on-quarter drop in GDP of 18 per cent.

 

Source: Bahrain News Agency

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