by Alessandra Cardone
ROME, July 1 (Xinhua) -- Italy's active coronavirus infections dropped by 308 cases on Wednesday to 15,255, while 21 new deaths were reported by the Health Ministry, bringing the toll to 34,788.
Overall, 182 new COVID-19 cases were registered in the last 24 hours, taking the tally to 240,760, the Ministry stated.
Wednesday saw 469 new recoveries, bringing the total to 190,717 since the pandemic officially broke out in the northern regions on Feb. 21.
ECONOMIC CONCERN FOR 2020
While the pandemic continued to slow down, its effects on the country's production are a major concern.
A survey carried out by the Bank of Italy, the central bank, between Jan. 29 and May 14, showed that companies would expect an average 7 percent fall in annual turnover in 2020 due to the impact of the pandemic.
Companies reported "a sharp contraction in demand, especially domestic demand, for goods and services" due to COVID-19.
"Financial difficulties -- which were reported very frequently, but deemed less significant than those arising from the fall in sales -- are ascribable to delays in the recovery of payments and the need to meet current expenses," the Bank of Italy wrote in its report.
For 2020, the turnover of the companies is expected to fall by about 7 percent, after stagnating in 2019.
"The drop appears to be concentrated in the first half of the year (-25.8 percent) and sharper for firms in trade, in the accommodation and catering industry (-37.5 percent), and in the textiles, clothing, leather and footwear sector (-32.2 percent)," the report stated.
Companies would also expect a contraction in employment equal to 1.3 percent in 2020, which was deemed "very small compared to the expected fall in sales, likely owing to the ample recourse to wage supplementation."
In a separate report issued on Wednesday, Italy's leading business association Confindustria Studies Center (CSC) said industrial production might fall by 21.6 percent in the second quarter (Q2) of 2020, after an 8.4 drop in the first quarter.
The 21.6 percent drop in industrial production in Q2 was estimated "by noting an 18.9 percent decrease in June compared with the same month in 2019, and a rebound of 3.9 percent from the previous month," the CSC explained.
HOLIDAY BONUS
On Wednesday, a government measure to help the tourism sector entered into force.
Households with low or medium-income which choose to go on holiday at tourist facilities across Italy will be able to benefit from a financial bonus of up to 500 euros (562.7 U.S. dollars).
The bonus can be applied till Dec. 31 by households, couples, and individuals with a combined annual income not above 40,000 euros, and will be spendable in hotels, B&B, holiday farms, tourism resorts and campsites, according to the Ministry of Economy.
The measure was part of a so-called "Relaunch Decree" which is worth 55 billion euros and passed by the Italian cabinet in May to support the economy.
Tourism is a key industry for Italy, accounting for over 5 percent of its gross domestic product (GDP) and more than 6 percent of national employment in 2018. (1 euro = 1.13 U.S. dollars) Enditem
