This, in turn, has supported the rebound in economic activity, particularly in the services sector, which was hardest hit by the containment measures. Consequently, the euro area economy rebounded by 2.2 per cent in the second quarter of the year, which was more than had been anticipated.
We expect continued strong growth in the second half of 2021, enabling euro area output to exceed its pre-pandemic level by the end of the year. This positive short-term outlook is reflected in the September ECB staff projections, which foresee annual real GDP growth at 5.0 per cent in 2021, 4.6 per cent in 2022 and 2.1 per cent in 2023.