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Bank of Italy lowers 2020 GDP growth forecast to -9.2%

The Bank of Italy announced on Friday that it lowered the GDP growth forecast for 2020 to -9.2% from -9% last month. 

The bank further noted that the annual Harmonised Index of Consumer Prices (HICP) is expected to be -0.1% in 2020 and 0% in 2021. Regarding the employment, the bank said it sees an average jobless rate of 10.6% with employment falling by 3.9% in 2020.

Market reaction

These figures were largely ignored by the market participants. As of writing, the EUR/USD pair was down 0.3% on a daily basis at 1.1300.

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