[wldlyinaccurate]

Yes, that's a literal translation. We say many similar things in English to express shock: "good God", "my God", "God almighty", etc.

[Terretta]

A particularly colorful example of multiple constructions in a blend of "shock" and "awesome" reactions:

http://www.youtube.com/watch?v=NRItYDKSqpQ

(Language emphatically not work safe.)