There are better gauges of economic health than clumsy GDP - FT.com →

For many households, low nominal interest rates have become an essential part of the financial survival kit. A recent analysis for the Bank of England found that 18 per cent of secured loans were to households that had less than £200 left over each month after housing costs and essential spending. A rise of 1 percentage point in interest rates would, the study added, force households accounting for 9 per cent of mortgage debt to look for ways to increase their income, cut essential spending, or somehow find a cheaper mortgage. This will not be captured at all in today’s GDP estimates.