It’s been three years since Britain split from the European Union, and things are exactly as grim as skeptics promised they would be. Actually, it’s worse – with an estimated $124B in lost output each year.

Bloomberg Economics ran an analysis of the damage done by the way the split from the EU was handled by the UK’s Conservative government.

According to Bloomberg economists Ana Andrade and Dan Hanson, Britain’s economy is 4% smaller than it could have been, as business investment lags and a shortfall in EU workers hits hard.

Andrade and Hanson wrote in their report, “Did the UK commit an act of economic self-harm when it voted to leave the EU in 2016? The evidence so far still suggests it did. The main takeaway is that the rupture from the single market may have impacted the British economy faster than we, or most other forecasters, expected.”

According to the analysis, there are 370,000 fewer EU workers in the UK than there would have been if Brexit never happened.