This reflected the workings of automatic fiscal stabilisers and discretionary expansionary measures to sustain incomes in times of falling economic activity, the sizeable public support to the banking sector, and, in some cases, the continuation of unhealthy fiscal trends. Since 2010 a number of euro area governments have embarked on a determined consolidation path.
In the first quarter of the year, our gross domestic product grew by a stunning 8.3 percent— surpassing most projections. This growth serves as a good start, keeping us on track of achieving our 7.0 to 9.0 percent growth target for 2022. Last year, gross domestic product grew by 5.7 percent, recovering most of the losses from the record 9.6-percent contraction in 2020.