The Netherlands dodged a recession as household consumption and trade drove output in the final quarter of 2022.
(Bloomberg) — The Netherlands dodged a recession as household consumption and trade drove output in the final quarter of 2022.
Gross domestic product rose 0.6% from the previous three months, far above the 0.1% median estimate in a Bloomberg survey, the statistics office said Tuesday. The economy, which shrank 0.2% between July and September, expanded 4.5% across the whole of last year.
Exports, a key economic engine, jumped 2.4% in fourth quarter, while household consumption grew 0.9% — outpacing a 0.4% rise in government spending.
The data come after the European Commission raised this year’s euro-zone outlook, predicting expansion of 0.9% and no recession. The forecasts show all EU member-states achieving growth, except Sweden, which is expected to contract by 0.8%.
–With assistance from Harumi Ichikura.
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