Global home appliances maker Electrolux has forecast decent market growth on both sides of the North Atlantic this year after cost cuts powered it to a bigger than expected rise in fourth quarter earnings. 

Electrolux sells under brands such as AEG and Zanussi as well as its own name.

It comes off a year where cost cuts from years of plant closures kicked in to fortify earnings amid tepid demand outside a firmly expanding US market. 

The company's chief executive Keith McLoughlin struck an modestly upbeat note for demand in 2015, saying the European market should grow 1-2%, up from a previous outlook for 0-1%.

He also confirmed a forecast for 3-5% growth in North America. 

Electrolux, vying for market leadership with US Whirlpool and China's Haier, said adjusted operating earnings rose to 1.47 billion crowns ($179.5m) from a year-ago 1.22 billion, just beating a mean forecast of 1.43 billion in a Reuters poll of analysts.

The Swedish group is benefiting from falling prices on raw materials such as steel while a bigger share of costs than sales in dollars has meant the steady gains for the greenback versus other currencies have become a growing headache. 

Electrolux is also awaiting approval for its biggest ever deal, the $3.3 billion purchase of General Electric's appliances business agreed last year which would double its US sales and tap into that market's rosier growth outlook.