Exclusive: Italy Treasury sees 2020 GDP falling around 3per cent amid coronavirus chaos - sources

The Italian Treasury currently expects the economy to contract around 3per cent this year, hit by the lockdown imposed to fight the country's coronavirus outbreak, two sources familiar with the matter told Reuters on Friday.

The sources stressed that the situation is highly uncertain, saying the internal Treasury estimates are based on a scenario in which the restrictive measures that have hit activity begin to be gradually eased around the end of April.Among a raft of measures intended to keep Italians in their homes, the government has closed all schools, bars, restaurants, sporting events and public gatherings.

Both sources, who asked not to be named, said the government's annual forecasting exercise that forms the basis of its budget commitments to the European Union could be delayed from the usual end-April deadline, as part of a broad EU-wide decision. The projections incorporate the effect of an emergency, 25-billion euro stimulus package adopted by the government earlier this week, which is expected to reduce the GDP drop by around 0.4 percentage points, both sources said.

Source: Financial Digest (financialdigest.net)

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