Italy's economy will decline in 2020 by 8.3%

According to the forecast of the Italian statistical office ISTAT, the country's GDP will fall by 8.3% this year and recover at 4.6% next year. The agency noted that the spread of the COVID-19 epidemic and the subsequent containment measures taken by the government caused an unprecedented shock for the Italian economy.

ISTAT also said that this year, household spending on households will be reduced by 8.7%, and investment – by 12.5%. Unemployment will drop to 9.6% due to an increase in the number of unemployed people.

It was noted that about 500 thousand people returned to the country's labor market.