Italy Revises Down Q2 GDP Contraction To 13%

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Italy’s record economic contraction in the second quarter, caused by the impact of the coronavirus pandemic, was more severe than estimated earlier, revised figures from the statistical office ISTAT showed on Friday.

Gross domestic product shrunk 13 percent from the first quarter and 18 percent from a year ago, revised data showed.

Earlier, ISTAT had reported the quarterly contraction at 12.8 percent and the yearly decline at 17.7 percent.

The Italian economy entered a severe recession after the government introduced strict measures to contain the spread of?coronavirus or Covid-19.

Revised data showed that private consumption declined 8.5 percent quarter-on-quarter and gross fixed capital formation fell 16.2 percent.

Imports and exports decreased 20.6 percent and 26.4 percent, respectively.

The carry-over annual GDP growth for 2020 is equal to -14.8 percent, ISTAT said.

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