One of the City's most influential economists, Jim O'Neill, of Goldman Sachs has just given us his take on why the GDP number is so disappointing.
Along with the usual caveats about the difficulty in trusting the statistics completely, his verdict will be pretty harsh for the government to hear.
He told me, it is not easy to work out what is happening in the economy:
O'Neill warned the government to stop worrying so much about the triple A credit rating that has been so prized, saying:
He even suggested that if the Coalition does not change its course, they can forget the next election saying:
But he did note that the jobs market has continued to be surprisingly strong.