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There's no doubt that we rely a lot on GDP.
So far the impact on GDP has been modest.
Eight years on, GDP has fallen by two-thirds.
"It isn't really – it's not going to have any major impact on GDP per capita".
Moreover, relying solely on GDP to measure a country's success is pure fallacy.
Economists believe the decline will drag on GDP growth this year.
By contrast, the contribution from abroad (exports minus imports) put a brake on GDP growth.
Since June 2008 however, the industry has actually been a drag on GDP growth.
1.07pm BST Our datablog on GDP since 1955 has been updated with today's figures.
But it is time to stop focusing on GDP figures and instead focus on people.
It assigns them very different obligations and responsibilities, all based on GDP levels from 1992.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com