I've said it before but I will say it again. GDP, despite it being overly used in macroeconomic analysis, is hardly optimal nor truthful indicator of economical growth. My guess is that the main purpose of using it nowadays is to support optimism of average Joe, who doesn't know how GDP is calculated, though in today's situation (read Reuters on latest RealtyTrac data concerning real estate market) it's becoming more and more like in that old French song "Tout va tres bien, Madame la Marquise". World economy for last 20-30 years is moving forward thanks to credit stimulation of demand. So how exactly you will portray GDP as meaningful indicator if those trillions of USD, which btw already have been counted as GDP in previous years before they were placed on accounts of Federal Reserve, are now evenly distributed (thus counted again) through credit system? The process of crediting is cycled, so credits are given to pay for credits to pay for another credits to pay for yet another credits (while issuing a few trillion of USD to cover the needs is not a problem), as result - GDP of gargantuan size.
For more, read Joseph Stiglitz on that matter.
