During the first quarter of 2020, Italy's GDP recorded a substantial decrease in its year-on-year growth rate when compared to the previous quarter, registering a -5.45% contraction. Regarding the labor market, the unemployment rate fell compared to the fourth quarter of 2019, down to 8.91%, while the year-on-year rate of job creation decreased to -0.21%. With regards to the exchange rate, the euro depreciated against the US dollar when compared to the previous quarter, recording an average exchange rate of 1.10 $/€ during the first quarter of the year. Finally, inflation remained constant at 0.29%.
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