ANL 29.30 Decreased By ▼ -0.25 (-0.85%)
ASC 20.23 Increased By ▲ 0.25 (1.25%)
ASL 24.72 Increased By ▲ 0.32 (1.31%)
BOP 8.33 Increased By ▲ 0.07 (0.85%)
BYCO 10.13 Increased By ▲ 0.09 (0.9%)
FCCL 22.11 Increased By ▲ 0.16 (0.73%)
FFBL 27.25 Increased By ▲ 0.25 (0.93%)
FFL 20.32 Increased By ▲ 0.99 (5.12%)
FNEL 8.51 Increased By ▲ 0.09 (1.07%)
GGGL 25.90 Increased By ▲ 0.74 (2.94%)
GGL 44.39 Increased By ▲ 0.79 (1.81%)
HUMNL 7.02 Increased By ▲ 0.10 (1.45%)
JSCL 21.80 Increased By ▲ 0.30 (1.4%)
KAPCO 39.20 Increased By ▲ 0.20 (0.51%)
KEL 3.85 Increased By ▲ 0.02 (0.52%)
MDTL 3.60 Increased By ▲ 0.08 (2.27%)
MLCF 43.85 Increased By ▲ 0.35 (0.8%)
NETSOL 158.50 Increased By ▲ 1.50 (0.96%)
PACE 7.44 Increased By ▲ 0.24 (3.33%)
PAEL 33.37 Increased By ▲ 0.09 (0.27%)
PIBTL 11.00 Increased By ▲ 0.05 (0.46%)
POWER 9.17 Increased By ▲ 0.11 (1.21%)
PRL 23.39 Increased By ▲ 0.29 (1.26%)
PTC 12.12 Increased By ▲ 0.24 (2.02%)
SILK 1.84 Increased By ▲ 0.12 (6.98%)
SNGP 50.90 Increased By ▲ 0.16 (0.32%)
TELE 15.86 Increased By ▲ 0.69 (4.55%)
TRG 161.50 Increased By ▲ 1.25 (0.78%)
UNITY 41.12 Increased By ▲ 0.57 (1.41%)
WTL 3.63 Increased By ▲ 0.20 (5.83%)
BR100 5,132 Increased By ▲ 38.85 (0.76%)
BR30 25,988 Increased By ▲ 278.06 (1.08%)
KSE100 47,593 Increased By ▲ 280.8 (0.59%)
KSE30 19,085 Increased By ▲ 121.75 (0.64%)

Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
23,295
8624hr
Pakistan Cases
1,024,861
4,53724hr
7.8% positivity
Sindh
377,231
Punjab
355,483
Balochistan
30,162
Islamabad
86,945
KPK
143,213
Business & Finance

Coronavirus hit Italy economy plunges 4.7pc, as Eurozone witness worst decline

Italy’s latest decline was the biggest since 1995, the national statistics bureau ISTAT reported. One of
30 Apr 2020
  • Italy’s latest decline was the biggest since 1995, the national statistics bureau ISTAT reported.

One of the countries hardest hit by the coronavirus pandemic, Italy saw its economy contract by 4.7 percent in the first quarter of 2020, due to nationwide lockdown imposed to curb COVID-19 spread.

As per details, Italy’s latest decline was the biggest since 1995, the national statistics bureau ISTAT reported. The country is now officially in recession following a 0.3% decline in the fourth quarter of last year.

On a year-on-year basis, the first-quarter GDP was down 4.8pc ISTAT said, following a 0.1pc increase at the end of 2019.

The development comes after the eurozone economy contracted at a record rate and by more than expected in the first three months of the year. Meanwhile, the inflation rate drop sharply as much economic activity in March came to a halt because of the COVID-19 pandemic.

According to Eurostat economic output in the 19 countries sharing the euro in January-March was reported 3.8pc smaller than in the previous three months — the sharpest quarterly decline since the time series started in 1995.

It may be mentioned here that Europe has emerged as the worst-hit region, due to coronavirus pandemic. Italy alone has recorded more than 27,000 fatalities from COVID-19 since its outbreak emerged on Feb. 21, the second-highest death toll in the world after that of the United States.