ITALY

摘要

Revised national accounts data showed Q1 GDP contracting by -5.3% (q-o-q) due to declines in household consumption (-6.6%) and gross fixed investment (-8.1%), as Italy was the first Western European country to enforce a nationwide shutdown in early March. With tight restrictions only easing over the course of May, and monthly indicators further deteriorating, Q2 GDP will undoubtedly be even weakerthan Q1. April's business confidence index plummeted to 51.1 (from 79.5 in March) according to Istat, exacerbated by a steep fall in market services. Meanwhile, the industrial production decline of -28.4% (m-o-m) in March was followed up by a -19.1 % decrease in April. Many businesses were able to restart partial operations from May 18. In an effort to inject some impetus into current activity, regional travel restrictions were lifted on June 3, while borders were reopened to tourists.Germany, among others, has prolonged a travel ban with Italy, though, dimming hopes of a surge in tourism - reported to contribute around 13% of total GDP each year-and leaving several million jobs hanging in the balance. The government passed a delayed €55bn stimulus package last month to support businesses and families through a combination of tax breaks, subsidies and loans.