Italy is among the most affected countries with coronavirus outbreak across the globe, as the incidences rising at a significant pace than any other country. In Italy, the death toll from COVID-19 surpassed 5,000, witnessing a sharp increase from the last few days. COVID-19 pandemic has a devastating impact on the Italian economy, as industrial output fell significantly. Italy had a considerable position in the value of industrial production in the EU member states. For instance, as per the Eurostat, more than 75% of the value of sold industrial production in EU 28 was generated by six member states, including Germany, Italy, France, UK, Spain, and Poland with 28%, 16%, 12%, 9%, 8%, and 5%, of total EU respectively (Eurostat). The country accounted for nearly 2.4% ($2.1 trillion) of the world’s GDP in 2018.

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Some major companies affected by COVID- 19 outbreak include Ferrari S.p.A., Fiat Automobile S.p.A., Alitalia – Società Aerea Italiana S.p.A., Siare Engineering International Group s.r.l., and Banca Sella S.p.A.

As per the International Trade Administration (ITA), Italy’s third-largest destinations for exports is the US, which totaled $50.1 billion value of the country’s exports to the US in 2018. Italy’s small and medium enterprises (SMEs) sector has a considerable proportion of firms that contribute approximately one-third of value to the economy and half of total employment in the country. As Italy’s economic structure is heavily dependent on SMEs, the spread of coronavirus is significantly affecting the economy of Italy. SMEs relies on loans and finances to meet their business requirements. Due to the vulnerabilities facing by the Italian financial sector amid COVID-19, SMEs operations are negatively affected, which in turn, is leading to a significant decline of the Italian economy.

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Based on industry classification, the Italy economy is segmented into automobile, food & beverage, aviation, BFSI, retail, travel and tourism, healthcare, personal protective equipment, and others. Due to the epidemics of COVID-19, the Italy government has put lockdown strategy to limit the COVID-19 pandemic. As a result, major automobile companies have temporarily shut down their factories to minimize the spread of coronavirus. For instance, in Italy, Ferrari S.p.A. has suspended production for two weeks coupled with Italian government orders for nationwide lockdown due to the COVID-19 epidemic.

Verticals Affected Most

• Automobile
• Food & Beverage
• Aviation
• BFSI
• Retail
• Travel and Tourism
• Healthcare
• Personal Protective Equipment
• Others

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