Technically accurate is the phrase, indeed.
Useless is the word.
But hold, wonder and despair... it actually applies to the most important macroeconomic figure as described above: if a doll is made in China at the cost of $3, including export costs, and then sold in California at $10, guess how the resulting GDP input is divided... Indeed, $3 are added to Chinese GDP and $7 to US GDP. Yet the USA generated absolutely no real wealth in this transaction other than the act of selling (which has a much lower actual cost, say $1 or $2).
So actually this useless but very real GDP is being created out of debt or printing money, what is about the same. Normally this would cause inflation and restore the balance somehow (at least that's the theory), however because of the privileged central position of the dollar in the World monetary markets the USA can export much of that inflation to wherever they use dollars.
They are threading thin because you can only grow an ever increasing debt so much, tell Philip II of Spain, but they are threading nonetheless.