British economy shrinks

October 24th, 2008 - 5:26 pm ICT by IANS  

London, Oct 24 (DPA) The British economy has shrunk for the first time in 16 years, dropping 0.5 percent in the July-September quarter, the Office for National Statistics reported Friday.The figures confirmed predictions that Britain was on the brink of recession.

If the economy declines in the last three months of 2008, Britain will officially be in recession.

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