Italy Q1 GDP sharply revised down to -5.3% quarter-on-quarter as coronavirus takes heavy toll

ROME (Reuters) - Italy's economy shrank 5.3% in the first quarter from the previous three months, national statistics bureau ISTAT said on Friday, the steepest drop in gross domestic product since the current series began in 1995.ISTAT sharply cut its preliminary estimate of a 4.7% GDP fall issued last month, as the economy slumped due to a nationwide lockdown to try to curb one of the world's worst outbreaks of the coronavirus.On a year-on-year basis, first quarter GDP was revised down to..