European economy will recover faster than expected
Data from the European Commission's Directorate-General for Economic
and Financial Affairs
[https://ec.europa.eu/info/departments/economic-and-financial-affairs_en]
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
[https://ec.europa.eu/info/live-work-travel-eu/coronavirus-response/safe-covid-19-vaccines-europeans/eu-digital-covid-certificate_en]. 

Find the forecasts and compare the numbers of various countries
[https://ec.europa.eu/info/business-economy-euro/economic-performance-and-forecasts/economic-forecasts/summer-2021-economic-forecast_en#documents].

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Publication Date/Time
2021-07-26T12:00:00+00:00
Data from surveys and mobility tracking finds upward trend in
consumption