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UK economic growth slows to just 0.1% as cost of living crisis bites

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THE UK economy has inched up 0.1% as a cost of living crisis continues to pummel families’ finances.

Official figures show that the gross domestic product (GDP) grew by 0.1% in February 2022.

That marks a slowdown since the month before, when the economy grew 0.8% – rebounding after the rapid spread of Omicron at the end of last year.

The Office for National Statistics (ONS) measures gross domestic product monthly and it shows if the economy is growing or not.

Figures showed that the services sector was the main driver behind the slight increase, growing 0.2%.

But output from the construction and production sectors decreased by 0.1% and 0.6% respectively, dragging down the rate of growth.

More to follow…

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