ECB upgrades 2021 GDP forecasts to 5.0%, inflation to 2.2%

In the new economic projections ECB raised 2021 growth forecasts from 4.6% to 5.0%. For 2022, GDP growth is downgraded slightly form 4.7% to 4.6%. 2021 GDP growth was forecast was kept unchanged at 2.1%.

Inflation forecast was revised slightly up, from 1.9% to 2.2% in 2021, from 1.5% to 1.7% in 2022, and from 1.4% to 1.5% in 2023.