Rome (Reuters) – The Italian industry is noticeably looking up again after the corona shock.
The companies produced 8.2 percent more in June than in the previous month, as the national statistics office announced on Thursday. Economists polled by Reuters had expected an increase of 5.1 percent. Due to factory closures, contact and curfews, production collapsed sharply in March and April, but then rose again by almost 42 percent in May. Nevertheless, a look at the annual comparison shows that there is still a long way to go back to the normal level before the pandemic crisis. Production in June was almost 14 percent lower than in June 2019.
In addition to Great Britain and Spain, Italy is particularly hard hit by the virus in Europe. The EU Commission predicts a deep recession for all EU countries in 2020. In Italy, however, with a decline in gross domestic product of 11.2 percent, it is likely to be more severe than in all other member states. In the second quarter alone, the Italian economy contracted sharply by 12.4 percent.