German economy grows 1.9pc in 2022

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.

China on Wednesday suspended its free transit policy with South Korea and Japan, taking yet another strong stance in response to the two countries' restrictions on China travelers due to the COVID-19 issue.

"China has suspended the issuance of port visas and the 72/144-hour visafree transit policy for South Korean and Japanese citizens," China's National Immigration Administration informed state broadcaster CGTN in a statement.

The latest move comes after Beijing suspended issuing visas to Japanese citizens and halted granting short-term visas to South Koreans.

Beijing's decisions come after several countries, including South Korea, the US, UK, Italy, Spain, France, Morocco, Qatar, Canada, Greece, Malaysia, Finland, and the Netherlands, demanded negative COVID-19 test results from travelers arriving from China.