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British economy shrinks 1.6% in Q4

  The British economy shrank 1.6% in the Q4 of 2008, sharper than previously estimated, official data showed on Friday.

The Office for National Statistics said gross domestic product contracted 1.6% in the final three months of last year compared with the Q3 of 2008. The ONS previously said the economy had shrunk 1.5%. (The Economic Times)