Italy: GDP contracted by 8.8% in 2020

 

ISTAT said on Tuesday that, based on preliminary estimates from raw quarterly data, Italy's GDP contracted by 8.8% in 2020 from the previous year. 

 

The National Bureau of Statistics said that according to the calendar-adjusted estimate, the decline was 8.9%. 

 

This figure is slightly better than that after the COVID-19 pandemic plunged Italy into recession, the government’s NADEF economic blueprint is estimated to have fallen by 9%.