British Economy Officially in recession

The global financial crisis deepens further, as the economy of United Kingdom(U.K) has officially sunk in to the recession. For the first time the UK economy is in recession since 1991.

According to the Office of National Statistics of UK the gross domestic product shrank by 1.5 per cent in the forth quarter of 2008. There is decline in the quarter results for two consecutive quarters. Generally the recession is defined as two straight quarters of negative economic growth of an economy, according to media report.