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Italy Plunges Into a Recession Following Coronavirus

On Monday, Italy posted a record economic contraction.

Overall the economy shrank 12.8%. The national statistics bureau ISTAT stated, “The full estimate of the quarterly economic figures confirm the exceptional extent of the drop in GDP in the second quarter, due to the economic effects of the health emergency and the containment measures adopted.”

Photo by Gabriella Clare Marino on Unsplash

Furthermore, the Italian economy is 17.7 percent smaller than it was in the same period last year.

The figure below from statistics office Isat reveal household spending fell 11.3%, exports dropped 26.4%, and investments dropped 14.9%.

Consumers, investment, exports dragged Italian economy into a slump

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