News Analysis: Italy's economy battered in second quarter, but there are reasons for optimism

ROME, July 31 (Xinhua) -- Italy's economy contracted at a never-before-seen degree in the second quarter of the year, though analysts noted the negative growth was less severe than that seen in some other major European economies and that it could set the stage for an economic rebound in the second half of the year.

Italy's National Statistics Institute, best known by its Italian initials ISTAT, reported preliminary figures Friday showing that the economy contracted by what it called an "unprecedented" 12.4 percent in the second quarter compared to the first three months of the year, and was 17.3 percent smaller between April and June of this year compared to the same period of 2019.