×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: Italy | Economy

Italian Economy Shrank 12.8% in Q2, More than First Thought

Monday, 31 August 2020 06:38 AM

ROME (AP) — The Italian economy shrank by more than previously thought during the second quarter as a result of lockdown restrictions imposed to curb the coronavirus pandemic, official figures showed Monday.

The national statistics bureau ISTAT said the economy contracted by quarterly rate of 12.8% during the April to June period, with consumer spending largely behind the plunge. The Italian economy is also 17.7% smaller than it was in the same period last year.

Those figures were worse than preliminary estimates issued in late July of a 12.4% quarterly decline and a 17.3% annual fall.

Italy, which in March became the first European country to experience the full force of the pandemic, imposed one of the world’s strictest lockdowns.

The restrictions against travel between towns, then between regions, and the shutdown of many types of businesses, including clothing stores and restaurants, only started being eased in the last weeks of the second quarter.

ISTAT said the severe downturn was a result of the “the economic effects of the health emergency and of the (government) adopted containment measures.”

In addition to lower consumer spending, the agency said the Italian economy suffered from a sharp fall in exports, with all major areas of production taking a hit. Industrial production, it added, plunged by 20.2%.

Even though appliance and electronics stores were allowed to stay open during the lockdown, durable goods purchases dropped by 21.4%.

© Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
The Italian economy shrank by more than previously thought during the second quarter as a result of lockdown restrictions imposed to curb the coronavirus pandemic, official figures showed Monday.The national statistics bureau ISTAT said the economy contracted by quarterly...
Italy,Economy
232
2020-38-31
Monday, 31 August 2020 06:38 AM
Newsmax Media, Inc.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved