The European Commission upgraded the economic projections citing the improving [health][1] situation and the ensuing continued easing of virus containment measures.
According to the latest Summer Interim Forecast, economic output is forecast to return to the pre-pandemic levels in the last quarter of 2021.
The euro area [economy][2] is forecast to grow 4.8 percent in 2021, instead of 4.3 percent projected previously. Likewise, the outlook for 2022 was raised to 4.5 percent from 4.4 percent.
The forecast for inflation this year and next has also been revised upwards, though retaining a hump-shaped profile. Inflation is projected to increase throughout this year, driven by transitory factors.
In the euro area, inflation is forecast to average 1.9 percent in 2021 compared to 1.7 percent estimated in the Spring forecast. Similarly, inflation forecast for next year was raised marginally to 1.4 percent from 1.3 percent.
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[Economic News][2]
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