Italy's Industrial Production Back To Pre-Covid Levels

Italy's industrial production back to pre-Covid levels

Italy's industrial production index returned to pre-Covid levels in April, official data showed Thursday, in another sign of optimism for the eurozone's third-largest economy

Rome, (UrduPoint / Pakistan Point News - 10th Jun, 2021 ) :Italy's industrial production index returned to pre-Covid levels in April, official data showed Thursday, in another sign of optimism for the eurozone's third-largest economy.

The seasonally adjusted index rose by 1.8 percent month-on-month to 104.5 points in April, the fifth consecutive monthly increase, national statistics agency Istat said in a statement.

In February 2020, when Italy became the first European country to be hit by the coronavirus pandemic, the index stood at 103.3 points, crashing to 74.3 and 58.5 in the two following months.

Italy is emerging from its worst recession since World War II.

Last year, gross domestic product contracted by 8.9 percent, one of the severest slumps in Europe.

However, things have recently started to look up, with falling Covid death tolls, progress with vaccinations and gradual reopening of the economy.

Last week, Istat said it expected GDP growth of 4.7 percent this year and of 4.4 percent in 2022, largely fuelled by domestic demand.

Italy's recovery hopes are linked to a massive 222.1-billion-euro ($271-billion) investment plan mostly funded by European Union loans and grants, covering the 2021-2026 period.