Italy falls into recession after 4.7% GDP decline

Italy falls into recession after 4.7% GDP decline

PanARMENIAN.Net - Italy, one of the worst hit countries by the coronavirus pandemic, has fallen into recession after its economy slumped 4.7% in the first quarter of 2020, CNN reported citing the preliminary estimate by the Italian National Institute of Statistics (ISTAT).

This is the second consecutive negative quarter for Italy.

Earlier on Thursday, April 30, the EU reported its worst quarterly drop in economic activity on record.

France's GDP, meanwhile, fell by 5.8% in the first quarter, "the biggest drop" since 1949 the country's INSEE statistics agency said on Thursday as it unveiled its first estimate.

Photo: Andrew Medichini/AP
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