The European Commission revises upward growth and inflation estimates for the euro area

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The European Commission has released its latest quarterly economic projections, raising the eurozone’s growth and inflation estimates for this year, while warning of the risks posed by new variants of the coronavirus.

Key comments

Elevate the Eurozone GDP growth forecast to 4.8% in 2021 from 4.3%, to 4.5% in 2022 from the 4.4% seen in May.

Wait a euro zone inflation of 1.9% in 2021 and 1.4% in 2022.

Elevate the Germany’s GDP growth forecast to 3.6% in 2021 from 3.4%, and to 4.6% in 2022 from the 4.1% seen in May.

Elevate the France’s GDP growth forecast to 6.0% in 2021 from 5.7% and confirms the estimate of 4.2% growth in 2022.

Elevate the Italy’s GDP growth forecast to 5.0% in 2021 from 4.2% Estimated above, it cuts growth forecasts for 2022 to 4.2% from 4.4%.

The big overhaul is largely due to the reopening of the bloc’s national economies in the second quarter, which benefits the service sector and is expected to boost tourism within the EU. “

We must redouble our vaccination efforts, building on the impressive progress made in recent months. The spread of the delta variant is a stark reminder that we have not yet emerged from the shadow of the pandemic.

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