China economy grows 3 percent in 2022

China's economy grew 3.0 percent in 2022, official data released showed, one of the weakest rates in 40 years owing to the Covid19 pandemic and a real estate crisis.

Beijing had set itself a target of 5.5 percent, a rate already much lower than the performance of 2021, when the country's GDP increased more than eight percent.

In the fourth quarter, China's economy grew 2.9 percent year-on-year, compared with 3.9 percent in the third quarter, the National Bureau of Statistics said.

The world's secondlargest economy faced historic headwinds as 2022 drew to a close, with exports plunging last month due to a drop in global demand and rigid health restrictions that hammered economic activity.GDP will rebound to 4.3 percent for 2023 -- still below expectations.

Germany's economy grew 1.9% in 2022, slightly above 1.8% market forecast, according to provisional data from the statistical authority on Friday.

Growth slowed in the Europe's largest economy last year which was hit by "consequences of the war in Ukraine and the extremely high energy price increases," Ruth Brand, president of the Destatis, said.

The country's GDP increased 2.6% in 2021.

"There also were serious material shortages and delivery bottlenecks, massively rising prices, for example of food, skilled labor shortages, and the continuing though fading COVID-19 pandemic," Brand added.

The GDP was 0.7% higher in 2022 compared to 2019, before the onset of the COVID-19 pandemic.

Private consumption was the main driver of growth up 4.6%, while fixed investment and public spending rose 0.2% and 1.1%, respectively.