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Italy's GDP plummets record 12.4% in Q2

Friday 31 July 2020 | 16:00 CET | News
Italy's gross domestic plunged by a record 12.4 percent in the second quarter of 2020 compared to the previous three months, according to preliminary data from state statistics agency Istat. The “unprecedented contraction” was due to the full development of the Covid-19 health emergency and the containment measures adopted, said Istat, adding that the figure was the lowest registered in the country since the first quarter of 1995.

On an annual basis, second-quarter GDP slumped by 17.3 percent while the carry-over annual GDP growth for 2020 is equal to -14.3 percent, added Istat. Last month the agency predicted that GDP will fall 8.3 percent in 2020 followed by a recovery of 4.6 percent in 2021.




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