The turnover of Italian businesses will drop 7% due to the coronavirus emergency this year, the Bank of Italy said Wednesday.
Turnover will fall 25.8% in the first half of the year to then recover somewhat, the central bank said. In the first half of 2020 the hospitality sector will fall 37.5% in turnover and the clothing, textile, fur and footwear sector will show a 32.2% drop.
Employment will fall 1.3%, cushioned by a wide pick-up in COVID furlough and lay-off programmes, the BoI said.
GDP is set to to fall between 9% and 13% this year, the Bank of Italy says.
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