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Italy revises down second quarter GDP to show even steeper recession

·1-min read
The outbreak of the coronavirus disease (COVID-19), in Catania
The outbreak of the coronavirus disease (COVID-19), in Catania

ROME (Reuters) - The Italian economy contracted more steeply than previously reported in the second quarter, according to revised data published on Friday by national statistics bureau ISTAT.

Between April and June gross domestic product fell by 13.0% from the previous three months and was down 18.0% year-on-year, hit by a lockdown on activity due to the country's coronavirus outbreak.

The data was previously reported at -12.8% quarter-on-quarter and -17.7% year-on-year.

The government forecasts a partial rebound over the second half of the year and is targeting a full-year GDP contraction of 9.0%.

Most international bodies, including the Organisation for Economic Cooperation and Development, the International Monetary Fund and the European Commission forecast Italy will post a 2020

GDP drop of more than 10%.

(Reporting By Gavin Jones)