Italy’s EcoMin Gualtieri: 2020 GDP will fall more than 8% “but not much more”

Addressing a parliamentary commission on Wednesday, Italian Economy Minister Roberto Gualtieri said that the country’s GDP will contract by not much more than 8% this year while expecting a strong rebound in the third quarter.

Key quotes

"The -8% figure was given when we didn't know how long the lockdown would last.”

“GDP will be worse than -8%, but not that much.”

“First resources from recovery fund could arrive in the early months of 2021.”

Market reaction

Despite the better-than-expected Eurozone July Producer Price Index (PPI) data, EUR/USD trades with sizeable losses this Wednesday, hit by the broad-based US dollar rebound.

The above remarks failed to have any impact on the shared currency, as it now trades at 1.1860, down 0.38% on the day.