Italy: GDP dops at 8.9% rate in 2020

 

ISTAT said that Italy’s GDP fell by 8.9% in 2020 to 1.6 trillion euros, or the 1997 level 23 years ago. 

According to the Statistics Bureau, the gross domestic product is 1651.595 billion euros based on market prices. At market prices, it fell by 7.8%.

 

 Due to COVID, public debt rose to 155.6% of GDP last year. This is an increase from 134.6% in 2019. The deficit last year was 9.5%. In comparison, the deficit in 2019 was 1.6%.

 ISTAT said that by 2020, the tax burden will increase to 43.1%. This is an increase from 42.4% in 2019.