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MNI BRIEF: Upside Risk To 2021 Growth Forecast -EU's Gentiloni

MNI (London)
(MNI) Brussels

Commission could follow ECB and up 2021 growth outlook from pre-Summer levels.

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Recent positive economic data point to an upside risk to the EU's 2021 growth forecast, EU Economic Affairs Commissioner Paolo Gentiloni.

"What we see is that vaccinations have enabled us to continue with the reopening of our economies, with growth in Q2 exceeding our last forecast and survey data pointing to ongoing strength over the summer. All of this means there is an upside risk to our growth forecast for 2021 as a whole," Gentiloni said at a press conference following the Eurogroup meeting this morning in Slovenia.

ECB President Christian Lagarde noted the improvement in the data this week, with the central bank upping their 2021 growth projection to 5.0% from the 4.6% seen in June, although she warned "we're not out of the woods yet."