A Gross Domestic Mistake

The Gross Domestic Product of the United Kingdom has risen by 0.7% in the three months to 30 September 2014. GDP figures are closely scrutinised. Governments regard a growing GDP as an important indicator of the economic success of the nation, and they boast when it rises and they are criticised when it falls. But GDP is just one measure and is not a proper indicator of the economic position of the people who live in a nation, only (usually) a minority of people and some big businesses. Continue reading