Down with the cult of GDP. For us economists, it’s yesterday’s yardstick | Catherine Colebrook

In this new, hi-tech era, the old production indicators fail to tell us whether the economy is working for people

This morning at 9.30am, the Office for National Statistics will release its latest estimate of UK economic output - gross domestic product, or GDP for short. The figures, which will be revised when better data becomes available, will be endlessly discussed and analysed, and will form the basis for economic commentary and policy in the months ahead.

At their best, economic indicators such as GDP can be a viewfinder through which we see the economy. After all, we need statistics to shed light on economic imbalances and unfairness, and help citizens and policymakers understand what needs to be done to put them right. But as an economist, I'm always aware that reducing the unimaginable complexity and diversity of the economy to a single number - or even a series of numbers - can dehumanise or even misrepresent what is really happening in people's lives.

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