Italy’s GDP fell by 8.8 percent in 2020, which is slightly better than the previous projections, the National Statistics Institute (ISTAT) announced in preliminary estimates.
In December, ISTAT projected the fall by 8.9 percent in 2020 and an increase of four percent in 2021. “In 2020, the reduction of GDP estimated on raw quarterly data was 8.8 percent,” ISTAT said in a statement.
In the fourth quarter of 2020, the GDP decreased by two percent compared with the previous quarter and by 6.6 percent over the same quarter of previous year, the Institute explained.
Meanwhile, the European Commission's economic forecast predicted a fall of 9.9 percent for Italy in 2020, and the International Monetary Fund – a decrease by 10.6 percent.
