Italy’s record economic contraction in the second quarter, caused by the impact of the [coronavirus][1] pandemic, was more severe than estimated earlier, revised figures from the statistical office ISTAT showed on Friday.
Gross domestic product shrunk 13 percent from the first quarter and 18 percent from a year ago, revised data showed.
Earlier, ISTAT had reported the quarterly contraction at 12.8 percent and the yearly decline at 17.7 percent.
The Italian [economy][2] entered a severe recession after the government introduced strict measures to contain the spread of coronavirus or Covid-19.
Revised data showed that private consumption declined 8.5 percent quarter-on-quarter and gross fixed capital formation fell 16.2 percent.
Imports and exports decreased 20.6 percent and 26.4 percent, respectively.
The carry-over annual GDP growth for 2020 is equal to -14.8 percent, ISTAT said.
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