An interesting little point here:
It is two weeks since the Office for National Statistics published a record-breaking estimate of a 20.4 per cent fall in gross domestic product in the second quarter. At a stroke, the quarterly level of GDP was reduced to its lowest level since mid-2003. If it stayed there, 17 years of economic growth would have been wiped out.
As we should all know by now ONS actually tried to measure this properly, including the loss of government production in education and health care. Unlike everywhere else which just blithely assumed the usual, that cost equals output.
Italy’s GDP dropped by 12.4pc between April and June, the second quarter of the year.
The health emergency has wiped out about 30 years of growth.
“It has taken the country back to levels of GDP of the early 1990s,” says Federico Santi, a Europe analyst with Eurasia Group.
A little over half the GDP fall has taken the country an entire decade further back into historic poverty.
That’s what the euro has done to the growth rate since the fixing of the exchange rates in those 1990s. Aren’t we all glad we never joined the currency and also that we’ve left such a disaster?