European economy will recover faster than expected
Data from the European Commission's Directorate-General for Economic and Financial Affairs shows promising results for the European economy. Despite the pandemic, the economy is forecast to recover faster than expected. In both the EU and euro area, GDP is expected to grow by 4.8 % in 2021 and 4.5 % in 2022.
Some Member States may already see their economic output return to pre-pandemic levels by the end of the year, though the trend is Europe-wide. This is likely the result of declining numbers of infections as well as hospitalisations and progress in vaccination, which led multiple EU Member States to reopen the economies, and ease restrictions.
These forecasts were created on the basis of survey results among consumers and businesses, and mobility tracking data. They indicate that consumption is picking up again and will likely strengthen in the next months. The same is true for the tourism industry, which is expected to benefit greatly from the EU Digital COVID Certificate.