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Financial News: Italy Contracts More Than Estimated In Q2

Italy Contracts More Than Estimated In Q2

08/31/2020 - 06:29:00 (RTTNews)

(RTTNews) - Italy's economy contracted more than initially estimated in the second quarter as the coronavirus pandemic weighed heavily on spending, investment and exports, revised data from the statistical office Istat showed Monday.

Gross domestic product fell by a record 12.8 percent sequentially in the second quarter instead of the initial estimate of 12.4 percent. GDP had fallen 5.5 percent in the first quarter.

The economy had entered a sharp recession after the government introduced strict measures to contain the spread of coronavirus.

On a yearly basis, GDP declined 17.7 percent in the second quarter versus the previous estimate of 17.3 percent and 5.6 percent drop in the first quarter.

The expenditure-side breakdown showed that household spending declined 11.3 percent on quarter, while government spending dropped only 0.9 percent.

Gross fixed capital formation was down 14.9 percent. Imports and exports were down 20.5 percent and 26.4 percent, respectively.

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