World, As Seen from the most beautiful islands: Ireland and Cyprus

Belgium slightly less, Italy slightly more: revised GDP figures published


Belgium’s economy declined slightly in the second quarter as a result of the coronacrisis than initially estimated. According to new figures from the Belgian central bank, the contraction was 12.1 percent on a quarterly basis. Previously, a minus of 12.2 percent was measured.

Compared to a year earlier, Belgium’s economy declined by 14.4%, which is also slightly less strong than previously reported. The Belgian economy showed a 3.5% contraction in the first quarter of this year.

In the second quarter, Italy’s economy shrunk slightly more than previously thought by the coronacrisis. According to a new estimate by the Italian statistical office, the contraction was 12.8 percent compared to the first quarter of this year. A further 12.4% decline was reported earlier.

Compared to a year earlier, there was a decrease of 17.7%. At an earlier estimate this was still a minus of 17.3 percent.

Because of the coronacrisis and the lockdown measures against the virus outbreak, Italian companies have cut their investments, while consumers have also kept their hands on the line. In addition, Italy’s exports were subject to severe pressure. The Italian government is counting on a contraction of the economy of around 8% this year.

Written by: Patrick O'Brien

Patrick O'Brien is a student who is taking only the first steps in journalism. The main interest is events from the world of macroeconomics and finance.

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World, As Seen from the most beautiful islands: Ireland and Cyprus

From Trinity st. to Limassol, Cyprus

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