
Italy Plunges Into Recession As COVID-19 Bites
Italy posted a record economic contraction Monday as household spending and investment crashed during the country’s coronavirus lockdown, driving the eurozone’s third-largest economy deep into recession.
The country’s gross domestic product fell by 12.8 percent in the second quarter compared to the previous quarter and by 17.7 percent versus the same period last year, national statistics agency Istat said.
“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,” Istat said.
The contraction was even …