In the long run, we're all dead, but if you're part of the eurozone, what's the difference? You might as well be already. Indeed, it seems almost impossible, but Italy has only grown 4 per cent - in total - since the euro was created 16 years ago. That's worse than Greece.
Now, it hasn't all been bad news in Europe. Not only did Germany grow at a faster-than-expected 2.8 per cent annual pace in the fourth quarter of 2014, but so did Spain. Even Portugal grew at a 2 per cent pace. It was enough that the eurozone as a whole grew an at-least-it's-not-a-recession 1.2 per cent.
But these glimmers of good news are only those - glimmers. Greece's latest austerity showdown with Europe has scared its banks and businesses so much that its nascent recovery turned into a 0.8 per cent contraction. And while Italy didn't shrink, it didn't grow either.
Read also:
• Wary watch on Europe's financial markets
• 'Dying' Italy's birth numbers hit historic low
It doesn't get any better if you take a longer view. Portugal has only grown 7.2 per cent in 16 years, Greece a little more than 4 per cent, and Italy right at 4 per cent.