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European economy recovering faster than expected: forecast Xinhua | Updated: 2021-07-08 09:57 EU Commissioner for Economy Paolo Gentiloni speaks during a news conference on the European Semester Spring Package in Brussels, Belgium, June 2, 2021. [Photo/Agencies]
BRUSSELS - 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 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.
EU Reporter
Published 33 seconds ago
The European economy is forecast to rebound faster than previously expected, as activity in the first quarter of the year exceeded expectations and the improved health situation prompted a swifter easing of pandemic control restrictions in the second quarter,Related documents.
Faster economic growth as economies reopen and sentiment indicators brighten
According to the Summer 2021 interim Economic Forecast, the economy in the EU and the euro area is set to expand by 4.8% this year and 4.5% in 2022. Compared to the previous forecast in the spring, the growth rate for 2021 is significantly higher in the EU (+0.6 pps.) and the euro area (+0.5 pps.), while for 2022 it is slightly higher in both areas (+0.1 pp.). Real GDP is projected to return to its pre‑crisis level in the last quarter of 2021 in both the EU and the euro area. For the euro area, this is one quarter earlier than expected in the Spring Forecast.
EU Reporter
Published 12 seconds ago
The Regulation establishing the European Maritime, Fisheries and Aquaculture Fund (EMFAF) under the EU s 2021-2027 long-term budget was adopted on 6 July by the European Parliament with an overwhelming majority. The adoption follows a political agreement reached with the Council at the end of 2020. With a total budget of €6,108 billion (2021-2027), the EMFAF will provide financial support to protect, manage and sustainably use the ocean and its resources contributing thus to the objectives of the European Green Deal. This is key to promoting biodiversity, the supply of healthy and sustainable seafood, including from aquaculture, the competitiveness of the blue economy and thriving coastal communities in the EU.