According to the final data of the statistical agency Istat, the Italian economy in the first quarter of 2020 decreased by 5.3% in quarterly terms and by 5.4% in annual terms. This was the largest drop in GDP since the start of statistics in 1996. Preliminary data indicated an economic contraction of 4.7% in quarterly terms and 4.8% in annual terms. In the fourth quarter of 2019, Italian GDP fell by 0.2% compared to the previous quarter, and not by 0.3%, as previously reported. Consumer spending in Italy in January-March fell by 6.6% in quarterly terms, business investment fell by 8.1%, government spending fell by 0.3%. The volume of imports and exports decreased by 6.2% and 8% respectively compared to the previous quarter. In recent weeks, the spread of Covid-19 disease and the number of people dying from it have been rapidly falling in Italy. The country is gradually loosening quarantine restrictions.
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