BERLIN (UKTN) — The German economy grew faster than expected in the third quarter as consumer spending picked up after the lifting of pandemic restrictions.
Official figures released on Friday show that gross domestic product in Europe’s largest economy grew by 0.4% between July and September, 0.1 percentage point higher than previously forecast.
GDP is a commonly used measure of a country’s production of goods and services, but critics say it only gives a one-sided picture of how an economy is doing. The Paris-based Organization for Economic Co-operation and Development has acknowledged that GDP “falls short of providing an appropriate measure of people’s material well-being for which alternative indicators may be more appropriate”.
Gross domestic product is expected to fall in the last months of the year and in the first three months of next year.
The OECD predicts that global economic growth will slow next year due to the fallout from Russia’s war against Ukraine.