The Bank of Italy said in a report on Thursday that the COVID-19pandemic has a devastating impact on Italy’s tourism industry. 

It stated that foreign tourists to Italy spent 1.193 billion euros in October, a decrease of 70.4% from the same month in 2019. 

The report said: “The sudden and sharp contraction of the Italian tourism industry will have a significant impact on the GDP, and will have a serious impact on the companies in the industry and their suppliers.” 

It added that : “Tourism is an important sector of the Italian and world economy, with great potential for growth and employment, as well as social and cultural integration. The impact of the recent COVID-19 pandemic highlights the importance of this sector.”