Economic growth forecast to be 0.8% in 2023 but households still face cost of living pressures
to be the only economy to shrink in 2023 among major industrialised countries.
The EU is now expected to avoid recession, as a result of falling gas prices. The European gas benchmark, the Dutch TTF, was trading at €55 a megawatt hour in late January, below its pre-Russia-Ukraine war level. The EU has so far overshot its plan to, and managed to keep gas storage levels high throughout the winter, helped by milder weather. According to the commission, gas consumption in October and November 2022 was 25% below the 2017-21 average, compared with a 15% reduction target.
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