The Italian economy will contract by 8.9% this year

The Italian economy, brought to its knees by the coronavirus, will contract by 8.9% this year, national statistics bureau ISTAT said on Thursday, revising down a previous projection of -8.3% made in June.

In its twice-yearly economic outlook report, ISTAT also revised down its forecast for 2021 when it now sees gross domestic product rising by 4.0%, compared with its June estimate of 4.6%.

Italy, the first Western country to be battered by the coronavirus in the spring, has seen a strong resurgence of cases in the autumn and in recent weeks has been reporting more daily fatalities than any other European nation.


Source: Reuters