During the second quarter of 2020, Italy's GDP recorded a substantial decrease in its year-on-year growth rate compared to the previous quarter, registering rate of -17.74%. Regarding the labor market, the unemployment rate fell compared to the first quarter of 2020, down to 8.29%, while the year-on-year rate of job creation decreased down to -2.80%. With regards to the exchange rate, the euro remained constant against the US dollar when compared to the previous quarter, recording an average exchange rate of 1.10 $/€ during the second quarter of the year. Finally, inflation decelerated down to a rate of -0.13%.

 


Macroeconomic outlook report: Italy 2Q20

Watch video

Macroeconomic overview

  • During the second quarter of 2020, Italy's GDP year-on-year growth rate decreased when compared to the previous quarter, down to a rate of -17.74%. This performance was due to the strong containment measures carried out by the Italian government to mitigate the spread of the virus.
  • Regarding the labor market, the unemployment rate fell by 0.89 p.p. when compared to the previous quarter, down to 8.29%. Moreover, the year-on-year employment growth rate stood at -2.80%, after decreasing by 2.62 p.p. when compared to the previous quarter.
  • The euro remained constant against the US dollar compared to the previous quarter, recording an average exchange rate of 1.10 $/€.
  • Inflation decelerated during the second quarter of 2020 when compared to the previous quarter, down to a rate of -0.13%.

For more information, click here to access the executive document in pdf.