Italy’s economy shrank at a faster than initially estimated pace in the first quarter amid coronavirus pandemic and marked the biggest contraction since the series began in 1995, revised data from the statistical office Istat showed Friday.
Gross domestic product fell 5.3 percent sequentially, instead of 4.7 percent decline estimated on April 30. GDP was down by revised 0.2 percent in the fourth quarter of 2019.
The economy fell into a recession as GDP contracted for two consecutive quarters.
On the expenditure side, final consumption expenditure decreased 5.1 percent and gross fixed capital formation fell 8.1 percent. Imports and exports declined 6.2 percent and 8.0 percent respectively.
On a yearly basis, GDP fell 5.4 percent versus the previous estimate of 4.8 percent in the first quarter and an expansion of 0.1 percent in the fourth quarter of 2019.