February 27, 2020 / 10:29 AM / a month ago

Italy think-tank sees recession in first quarter over coronavirus

MILAN (Reuters) - Think tank Prometeia on Thursday said it expected Italy to fall into recession in the first quarter following the coronavirus outbreak in northern regions and as it forecast a 0.3% contraction in economic output for 2020.

The Bologna-based institute said it also expected the economy to contract 0.3% in the first quarter, which would mean a technical recession after the 0.3% fall in the fourth quarter of 2019.

A recession is normally defined as two consecutive quarters of economic contraction.

Reporting by Sabina Suzzi, editing by James Mackenzie

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