The expected economic recovery arrived unexpectedly quickly. Although several sectors are still operating in crisis mode, the Latvian economy as a whole exceeded pre-crisis levels as early as the second quarter of the year. Recovery in our partner countries is also strong. Although risks regarding repeat waves of the virus remain, especially in Latvia where vaccination coverage is extremely low, economies have adapted and we do not expect a new drop in gross domestic product (GDP) at the end of the year. The pace of the recovery has prompted us to revise this year's Latvian GDP forecast upwards – to 4%. Next year we will grow slightly faster – by 5%, and in 2023 the pace will ease slightly, but growth will remain well above potential and reach 3.5%.