The UK economy contracted 1.6% sequentially in the fourth quarter, revised down from a decline of 1.5%, a report from the Office for National Statistics showed Friday. The economy entered its first recession since 1991.

Year-on-year, GDP was down 2% in the fourth quarter. According to the initial estimate, the British economy had fallen 1.9%.

For the whole year 2008, GDP rose 0.7%, unrevised from the previous estimate.

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