The European economy is recovering better than previously expected, thanks to the roll-out of vaccination campaigns and effective containment measures, said European Commissioner for Economy Paolo Gentiloni on Wednesday.
The economic growth in the European Union (EU) and in the eurozone would expand by 4.8 percent this year, and by 4.5 percent in 2022, according to the Summer 2021 Economic Forecast, presented by Gentiloni at a press conference.
The projections have been revised upwards compared to the Spring Forecast in May, which had predicted the EU's economy to grow by 4.2 percent in 2021 and 4.4 percent in 2022.
Real GDP is to return to pre-pandemic levels by the end of the year for both the 27-member EU and the 19-member eurozone, said Gentiloni.