Despite the slow recovery of the Eurozone economy in the first quarter of the year due to the third wave of the pandemic and the forced extension of restrictive measures, the data show that economic activity is picking up momentum.
The Eurozone has now brought under control the latest wave of the pandemic, following the US and Great Britain, which is confirmed by the number of recorded infections which has now fallen to its lowest level since September 2020. The rise in temperature and the vaccination progress is creating significant signs of optimism for the coming months. Despite the delayed start of vaccinations, today the percentage of those who have been vaccinated at least once has now risen to 39%.
In addition, the improvement in the economic climate in May, which is very close to the high levels of all seasons of December 2017, confirms that the region's economy has entered a phase of recovery and may be able to return to pre-pandemic levels quite earlier than the estimates for the first quarter of 2022.
Added to all of this is the encouraging picture of a number of indicators such as procurement and corporate confidence indicators from Germany, France, Italy and other Eurozone countries, which confirm that the economy has left behind pandemic. Also, as restrictions are gradually eased or lifted, data from retail and leisure show a continuing recovery in consumer spending on services.
The revised estimates of the Organization for Economic Co-operation and Development (OECD) for the global and European economy are moving in the same direction. The new OECD estimate for global gross domestic product this year was revised upwards by 5.8% from 2020, up from + 5.6% in the previous forecast in March. For the eurozone, the OECD report forecasts a boost of 4.3% this year instead of the 3.9% projected, and 4.4% in 2022 instead of 3.8% according to the March report.