Economic activity in the euro zone has exceeded the expectations of the European Central Bank, leading it to revise its predictions.The bank is now forecasting Europe’s economy will rebound next year and accelerate in 2011. It is predicting growth of 0.7 per cent next year, and 1.6 percent in 2011 for the 16-country bloc. The figure for 2011 is only slightly higher than the forecast for the European Union as a whole. All of this indicates that Europe is on its way out of recession, after a 4.1 per cent contraction in the economy this year.
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