- 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.