The United Kingdom’s economy has just been surpassed by Italy’s. While it may not be the greatest news for U.K. denizens, there are exchange traded funds (ETFs) to play the reversal of fortune.

The U.K. economy unexpectedly shrank by 0.4% in the third quarter this year, officially sending the region into its longest recession since record-keeping began more than 50 years ago.  (Why the United Kingdom is hurting).

Edmund Conway and Andrew Porter for Telegraph U.K. report that adding insult to injury is that the United Kingdom has fallen beneath Italy for the first time since the mid-1990s to become the world’s seventh-largest economy. (When will Italy rebound?)

Blame two things: the devaluation of the British pound and the severity of the recession overall. France surpassed the United Kingdom last year. (Tom talks Europe on CNBC).

Italy first surpassed Britain’s economy in 1987. The milestone is being hailed as  confirmation that Italy has proved its resilience.

For more stories about Italy or United Kingdom, visit the corresponding categories.

• iShares MSCI Italy Index (NYSEArca: EWI): up 30% year-to-date

• iShares MSCI United Kingdom (NYSEArca: EWU): up 33.5% year-to-date

Tags: Europe, EWI, EWU, Global ETFs, Italy, United Kingdom