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Istat, Italy's GDP -12.4% in the second quarter, -17.3% per year

2020-07-31T11:04:50.984Z


Correct calendar data and seasonally adjusted. This is the strongest drop since the beginning of the surveys in 1995. 'In Italy and abroad, Covid crisis effect. Second quarter drop similar to that of major economies, 'explains Istat. Then again: 'All sectors of the economy are contracting'. In July, shopping cart prices slow down. Inflation continues to fall (ANSA)


The Italian GDP in the second quarter of 2020 fell by 12.4% on the previous quarter and by 17.3% compared to the same period last year. Istat communicates it in the preliminary estimate, explaining that the data are correct for calendar effects and seasonally adjusted.

The acquired change in GDP for 2020 is negative, equal to -14.3%. Thus Istat, taking into account the result that would be obtained in the event that in all the remaining quarters of the year there was no economic growth.

"After the sharp reduction recorded in the first quarter (-5.4%), the Italian economy in the second quarter of 2020 suffered an unprecedented contraction (-12.4%) due to the full unfolding of the economic effects of the health emergency and of the containment measures taken ". So Istat in the official comment to the preliminary estimates of the Gross Domestic Product. "With the result of the second quarter, GDP has registered the lowest value since the first quarter of 1995, the start of the current time series", underlines the Institute. It is therefore a negative record, an all-time low.

The fall recorded by GDP in the second quarter "is the synthesis of a decrease in added value in all production sectors, from agriculture, forestry and fishing, to industry, to the complex of services", Istat communicates. "On the demand side, there is a negative contribution both from the national component (before stocks) and from the net foreign component," explains the Institute of Statistics.

"The fall in GDP is located in an international context where the main economies are experiencing reductions of a similar scale due to the spread of the pandemic", so Istat commented on the estimate on the Italian Gross Domestic Product in the second quarter of 2020.

The value of GDP in the second quarter of 2020 appears to have decreased by over 50 billion in comparison with the previous quarter emerges from the tables of Istat . In fact, between April and June, in economic terms, 50 billion and 289 million euros were lost.

Inflation in Italy continues to fall. In July Istat estimates that the consumer price index drops by 0.3% on an annual basis. This is the third consecutive decline, which follows -0.2% in June and May. This is the lowest figure for over four years, or since May 2016. Deflation is therefore confirmed. Prices are also in negative territory in short-term terms (-0.1%). July was affected by the sharp decrease, even if it continues less marked, of energy and the slowdown recorded for food.

In July, the prices of the so-called shopping cart slowed down, which includes food, home and personal care: it went up to + 1.5% from + 2.1% in June, Istat notes by disseminating data provisional on the month.

Source: ansa

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