ITALY’S GDP PLUNGES A HISTORIC-HIGH 12.4% IN 2ND QUARTER

Italy's GDP plunged by a record 12.4% in the second quarter of 2020 compared to the first quarter due to the coronavirus emergency, a preliminary estimate released by the Italian statistics agency ISTAT on Friday.

ISTAT said Italy's GDP was down 17.3% compared to the second quarter of 2019, the Italian news agency ANSA reported. 

"After the major reduction registered in the first quarter (-5.4%), the Italian economy suffered an unprecedented contraction in the second quarter of 2020 due to the full development of the health emergency and the containment measures that were adopted," ISTAT said. 

It added that this meant that Italy's GDP has "registered its lowest value since the first quarter of 1995."