In the first quarter of 2020, Italy's GDP decreased by 5.3% compared to the previous quarter and by 5.4% compared to the first quarter of 2019. Istat notes this, revising downwards the preliminary estimates released at the end April, which gave Gross Domestic Product a 4.7% drop on a cyclical basis of 4.8% in the annual comparison. The data are correct for calendar effects and seasonally adjusted.
The acquired change in GDP for 2020 is -5.5%. Thus Istat giving an account of the result that would be obtained in the event that in all the remaining quarters of the year there was no economic growth.
In the first quarter of 2020, compared to the previous one, "all the main aggregates of domestic demand are decreasing, with a 5.1% drop in national final consumption and 8.1% in gross fixed investment", noted the Istat by spreading the quarterly economic accounts.
In the first quarter of 2020 "there were negative economic trends in value added in all the main production sectors, with agriculture, industry and services falling by 1.9%, 8.1% and 4.4% respectively". It was therefore the industry that took the biggest hit.
Imports and exports in the first quarter of 2020 decreased at the economic level by 6.2% and 8% respectively.
"The drop in GDP was mainly driven by domestic demand", while "foreign demand, which is also falling, made a less marked negative contribution". "Internally, the contribution of private consumption - he explains - was strongly negative for 4 points and that of investments for 1.5, while a large positive contribution (+1 percentage point) came from changes in inventories".