According to ANSA with reference to INSTAT, the country's GDP collapsed by 8.9%.
The preliminary decrease was estimated at 8.8%.
The economy dropped below € 1.6 trillion, the lowest since 1997.
The budget deficit last year amounted to € 155.6 billion, or 9.5% of GDP.
This is the largest negative balance since at least 1995, although it turned out to be below the officially expected 10.8% of GDP.
Earlier, the new Italian Prime Minister Mario Draghi announced the composition of his government, in which some ministers from the previous Cabinet have retained their posts.