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Eurozone economy sees record growth

14 August 2010 22:14 (UTC +04:00)

Baku-APA. After being gripped with recessions and debt crises, the eurozone growth in the second quarter of 2010 records its fastest rate in the past four years, APA reports quoting Press TV.

The eurozone economy has undergone a rapid growth of one percent in the second quarter of 2010, The EU’s statistics office, Eurostat, said on Friday.

The figure is higher than the 0.7 percent previously forecast by analysts, the Associated Press reported.

The statistics come as the 16-nation bloc has just emerged from its recent debt crisis and severe recession which hit the zone in the third quarter of 2009.

Following the debt crisis in some eurozone economies -- particularly in Greece, Portugal and Spain -- the countries using euro as their currency resorted to austerity measures and budget cut plans.

Despite the promising announcement, many economists think that there is a wide divergence in performance across Europe and fears still remain that some European countries may experience another recession.