The pandemic has dealt a huge blow to the Italian economy.
The General Confederation of Italian Industry (Confindustria) said on Thursday that industrial production "in the first quarter of 2020 is expected to contract by 5.4 percent, the largest drop in the past 11 years."
Confindustria analysts said that "the impact of COVID-19 and the measures to contain the infection have been devastating in March, when (industrial) activities decreased by 16.6 percent compared to February, rolling the production index back to the levels of 42 years ago."
Confindustria said this was due to the "closure of about 60 percent of (Italy's) manufacturing industries" in order to contain the pandemic.
In a separate statement on Thursday, Confindustria noted that if "the acute phase of the health emergency ends in May 2020 and production resumes gradually between the end of April and the end of June, (we) estimate that gross domestic product (GDP) in Italy will fall by 10 percent in the first two quarters compared to the end of 2019 On average for 2020, GDP will drop 6 percent."
However, if the emergency continues beyond May, "our forecast will have to be revised downwards," Confindustria analysts wrote, adding that national GDP will likely drop by "a further 0.75 percent" for every additional week that production is at a standstill due to the coronavirus pandemic.
Confindustria members include 150,000 small, medium and large sized manufacturing and service companies, employing over 5.4 million people.
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