ISTAT revised its estimates of Italian GDP downwards in the first quarter of 2020


ISTAT, the National Statistical Institute, has revised downward the estimates of Italian GDP in the first quarter of 2020 released at the end of April. Gross domestic product fell 5.3 percent from the last quarter of 2019 and 5.4 percent from the same period last year. These are decreases in GDP that have not occurred since the first quarter of 1995, that is, since the historical surveys with which a comparison can be made.

In its previous preliminary estimates, which referred directly to the health emergency for the coronavirus epidemic, ISTAT estimated the decline of 4.7 percent compared to the previous quarter and 4.8 percent in the annual comparison .

For the statistics institute “internal demand was the main driver” (-5.5 per cent), while “foreign demand, which was also down, provided a less marked negative contribution”, ie -0.8 percent. Imports and exports are down sharply, decreasing by 6.2 percent and 8 percent respectively compared to the last quarter of 2019.

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