INSTANT VIEW-GDP shrinks more than expected

LONDON (Reuters) - The country's economy shrank more than expected and for the first time in 16 years in the third quarter of 2008, official data showed on Friday.

The figures are likely to boost expectations that the Bank of England will cut interest rates by another 50 basis points next month as the economy looks like heading into its first recession since the early 1990s.

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KEY POINTS

- First qq contraction in GDP since Q2 1992. Biggest fall since Q4 1990

- Weakest annual GDP growth since Q2 1992

- Sharpest qq fall in manufacturing since Q3 2004

- Sharpest qq fall in production since Q3 2004

- Sharpest qq fall in distribution, hotels and catering since Q1 1998