Economics
Italy Plunged Into Recession by Investment, Consumer Slump
- Economy contracted 12.8%, final second-quarter data show
- Household spending fell sharply, transport investment dropped
Passengers enter the Duomo metro station in the Cathedral square in Milan.
Photographer: Bloomberg/BloombergThis article is for subscribers only.
Italian companies slashed investment and consumers cut back on spending during the coronavirus lockdown in the second quarter, sending the economy into a record contraction.
Figures from statistics office Istat showed household spending fell 11.3% in the period, and exports dropped 26.4%. Investment plunged 14.9%, with transport investment down about 20%. The economy shrank 12.8% in the three months, slightly worse than an initial estimate.