Italy's tourism sector estimated to shrink by 100 bln euros in 2020

ROME, Sept. 7 (Xinhua) -- Studies released Monday from two of Italy's most important industry groups estimate that the COVID-19 impact on Italy's tourist sector could reach a staggering 100 billion euros (118 billion U.S. dollars), far higher than previous estimates.

That amount converts to more than 6 percent of Italy's gross domestic product (GDP) at the end of last year, which according to the International Monetary Fund was 2.014 trillion U.S. dollars. If accurate, that would mean the tourism sector, which accounted for 13.3 percent of Italy's GDP last year, will have nearly been cut in half this year.