ANSA: Italy’s GDP down 17.4% in Q2

ROME. KAZINFORM - Retailers association Confcommercio said Monday that it estimates Italy's GDP will have fallen 17.4% in the second quarter of 2020 with respect to the first and by 21.9% compared to the same period in 2019, ANSA reports.

Confcommercio's research unit also said consumer spending fell by May and by 47% in April.
It said businesses linked to leisure were the hardest hit, suffering a 92% drop in business.
Next were hotels, bars and restaurants, down 66%, and clothing outlets, down 55%.
Confcommercio President Carlo Sangalli welcomed the fact that Premier Giuseppe Conte has said his government is considering cutting value-added tax to help the recovery from the economic earthquake caused by the coronavirus pandemic.

«The government's hypothesis of supporting consumer spending and domestic demand by reducing VAT is a good one,» he said. «It should not be an excessively provisional measure though».

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