ROME, July 31 — Italy’s economy contracted by 12.4 per cent in the second quarter, the national statistics bureau Istat said today, as coronavirus lockdowns knocked the country’s output back to the level of a quarter century ago. The plunge in quarter-on-quarter gross domestic product (GDP)...
A waiter wearing a protective face mask stands outside a restaurant in Piazza dei Signori July 25, 2020 in Verona, northern Italy. — AFP pic
The plunge in quarter-on-quarter gross domestic product took Italy — the eurozone’s third-largest economy — into recession as it had shrunk by 5.4 per cent in the first quarter.Compared with the second quarter in 2019, GDP fell by 17.3 per cent, according to Istat’s first estimate. It said the drop was “part of an international context in which the main economies are recording reductions of a similar magnitude due to the spread of the pandemic.”
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