Will the euro’s rise stall the recovery?

Agriculture accounts for 2% of GDP while the livestock sector is probably 1% or less. Accordingly, a 10% reduction in livestock output would reduce GDP by 0.1% for as long as it lasts. This accords with estimates from the National Farmers Union, which put the direct losses at £300m per quarter, or between 0.1% to 0.2% of quarterly GDP. This would be offset to some extent by increased activity and output in substitute areas such as poultry and fish.