Amid strict lockdowns, elevated COVID-19 cases and a particularly sluggish vaccination campaign in early 2021, the Euro Area economy entered the year on a weak footing, with quarter-over-quarter GDP growth declining in Q1 by 0.6 percent. Following this stall, the outlook for the region is expected to improve from Q2 onwards. As the speed of inoculations across the Euro Area accelerates, and containment measures ease, growth prospects for the year ahead have improved. This view is also reflected in our latest edition of our Measure of CEO Confidence for Europe, with European CEOs and Chairs being increasingly optimistic about the business and economic outlook for 2021 despite chains on supply chains and shortages.