EU statistical service (Eurostat) reported that in the second quarter of 2021 the eurozone economy began to recover, demonstrating a height of two percent. The highest rates showed Austria and Latvia, the Eurostat report says.
In the last quarter of 2020, the Eurozone GDP decreased by 0.6 percent, in the first quarter of 2021 – by 0.3 percent. The current indicators for GDP growth jumped by 13.7 percent compared with the data for the second quarter of 2020. The European Central Bank predicts an increase in GDP rates to 4.6 percent for the year.
At the end of June, it was reported that the growth of business activity in the eurozone accelerated to a level of 59.2 points and broke a 15-year-old record. Many EU countries began to remove restrictions on business after an increase in the number of vaccinated population and declared their readiness to take tourists again.
In June, the head of the Central Bank of Austria, Robert Holzmann called Senior Colleagues from the European Union to flexibility in conducting monetary policy. He recalled the importance of combating inflation after the European Central Bank (ECB) declared the desire to maintain a base rate at a low level. Thus, the ECB seeks to stimulate the population and business to receive loans, which will eventually have a positive effect on the restoration of the economy from the pandemic.