German Economy Sees Stronger Growth in 3rd Quarter

Germany's economy grew more than anticipated in the third quarter as consumer spending increased as a result of the removal of pandemic restrictions.

According to official data issued on Friday, Europe's largest economy's gross domestic product increased by 0.4% from July to September, which was 0.1 percentage points more than anticipated.

Although the gross domestic product (GDP) is a commonly used indicator of a nation's production of goods and services, others argue that it only offers a partial picture of how an economy is doing. The Paris-based Organization for Economic Cooperation and Development has admitted that alternative indicators may be better adequate for measuring people's material well-being since GDP "falls short of giving a meaningful measure of people's material well-being."

The final three months of this year and the first three months of next year are predicted to see a decline in the gross domestic product.

The OECD predicts that the effects of Russia's war on Ukraine will cause a slowdown in global economic growth in 2013.