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
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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.