In the Summer 2021 Interim Economic Forecast, European Commission upgraded EU and Eurozone GDP growth forecast for 2021 and 2022 respectively. EU GDP growth is projected to be at 4.8% in 2021 (prior 4.2%) and 4.5% in 2022 (prior 4.4%). Eurozone GDP growth is projected to be at 4.8% in 2022 (prior 4.3%) and 4.5% (prior 4.4%).
EU inflation is projected to be at 2.2% in 2021 (prior 1.9%) and 1.6% in 2022 (prior 1.5%). Eurozone inflation is projected to be at 1.9% in 2021 (prior 1.7%) and 1.4% in 2022 (prior 1.3%).
Valdis Dombrovskis, Executive Vice-President for an Economy that Works for People said: “The European economy is making a strong comeback with all the right pieces falling into place. Our economies have been able to reopen faster than expected thanks to an effective containment strategy and progress with vaccinations”
Paolo Gentiloni, Commissioner for Economy said: “The EU economy is set to see its fastest growth in decades this year, fuelled by strong demand both at home and globally and a swifter-than-expected reopening of services sectors since the spring. Thanks also to restrictions in the first months of the year having hit economic activity less than projected.”