Official figures released on January 23rd 2009 confirmed that Britain's economy is in recession.

The data showed that contraction in the economy for the second consecutive quarter which is a condition of recession.

The official data of fourth quarter of 2008 reflected a sharp contraction in the output in the UK economy. An economy is called in recession when its financial growth is negative for two successive quarters.

The Office for National Statistics said that gross domestic product had shrunk by 1.5% in the fourth quarter of 2008 as compared with the previous three month period, when it contracted by 0.6%.

The data also showed biggest quarter on quarter decline since 1980. The employment opportunities in the quarter also showed a decline with unemployment figures reaching at 1.92 million.

Earlier, Mr Gordon Brown Prime Minister of Britain said that the duration of Britain's recession depends on the degree of international cooperation in battling the economic crisis. He added that "It depends on the degree of international cooperation. If we can get America, Europe and other countries working in harmony and in tandem, remember this is a global financial crisis, it's something that is happening in every country and continent in the world, and it is spreading to the emerging markets and the developing countries. So the way to deal with it is common action."

Mr Brown said that Britain could do a lot on its own to counter the downturn. He added that "We are fighting this recession with every weapon at our disposal."

(Sourced from www.reuters.com)