The Dutch economy outperformed the eurozone total, which remained stagnant in Q4 (0.0% qoq) and main trading partner Germany, which contracted by 0.3% qoq. The expansion was driven by government spending but primarily by improving private consumption. Indeed, falling inflation and high wage growth has lifted real incomes and raised purchasing power. The labour market remains very tight, with vacancies, which are falling across the eurozone, actually increasing again in the Netherlands in Q4.