Britain's GDP shrinks in March as rising cost-of-living crisis bites

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Britain's GDP shrinks in March as rising cost-of-living crisis bites

STORY: Britain's GDP shrinks in March as rising cost-of-living crisis bites DATELINE: May 13, 2022 LENGTH: 0:01:30 LOCATION: London CATEGORY: ECONOMY SHOTLIST: 1 various of Big Ben and London Eye 2 various of Bank of England and the City of London 3 various of streets STORYLINE: According to Britain's Office for National Statistics (ONS) on Thursday, Britain's gross domestic product (GDP) fell by 0.1 percent in March after registering no growth in February. Production also fell in March by 0.2 percent, while construction grew by 1.7 percent. Darren Morgan, the ONS's director of economic statistics, told the BBC's Today program that the monthly GDP decline showed that the cost-of-living crisis was "really beginning to bite." Meanwhile, the country's GDP grew by 0.8 percent in the first quarter of this year compared with the previous three months, and is now 0.7 percent above its pre-pandemic (last quarter of 2019) level. March's GDP figures show that economic growth has slowed down and people

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