Latest data released by Istat - 30 April 2020
- Prior (Q4) -0.3%
- GDP -4.8% vs -5.4% y/y expected
- Prior +0.1%
Much like the French, Spanish and overall Eurozone reports earlier, the quarterly economic contraction is the steepest for Italy since the series began in 1995.
Italy is among the worst hit countries by the virus outbreak and have been in lockdown since 9 March, with steps to reopen the economy just only starting to gather pace.
Even if the actual release isn't as bad as expected, Q2 is still going to reflect much worse conditions so there's that to keep in mind over the next few months.
