April 23, 2020 / 5:36 AM / a month ago

Italy's economy to bounce back in third-quarter, grow significantly in 2021: economy minister to paper

FILE PHOTO: Italy's Minister of Finance Roberto Gualtieri attends a one day Italo-Franco summit in Naples, Italy February 27, 2020. REUTERS/Ciro De Luca/File Photo

ROME (Reuters) - Italy’s Economy Minister said on Thursday he expected a “strong rebound” in output in the third quarter of the year and significant growth in 2021, after an exceptional contraction due to the restrictions imposed to fight the coronavirus.

“We expect a strong rebound of gross domestic product already in the third quarter and a significant growth in 2021,” Roberto Gualtieri was quoted as saying in newspaper la Repubblica.

He added that the government’s measures and the gradual reopening of business would “contribute to limit the negative economic impact of the virus and support recovery”.

Italy’s budget watchdog (UPB) on Tuesday forecast a drop of 15% in gross domestic product in the first half of the year, a contraction “never before recorded in the history of the (post-war) Republic”.

Reporting by Giulia Segreti,; Editing by Maria Pia Quaglia

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