According to the latest revised data from the Italian Statistical Office, the gross domestic product (GDP) of Italy fell by 12.8% in the second quarter compared with the first quarter, and fell by 17.7% year-on-year. This was Italy’s largest single-quarter fall in GDP since 1995. According to the analysis by the Italian Statistical Office, the current domestic demand in Italy is greatly reduced and the investment of enterprises is seriously insufficient. Italian exports also plunged 26.4% in the second quarter. Italy's economy has been sluggish in recent years, with high unemployment and high debt levels making it difficult to push through economic reforms. The blow to the country's economy has been compounded by the COVID-19 outbreak. Total employment in Italy fell by 11.8% in the second quarter compared with the first quarter, according to the Statistical Office of Italy. Within the European Union, Spain had the highest unemployment rate in July, followed by Italy at 9.7%. It is unclear whether a series of government rescue measures will be effective reverse the situation before the end of the year. Italy's economy is on track to grow 15% in the third quarter, Economy Minister Sergio Guartieri said recently.