TIMES.KY

Cayman Islands, Caribbeanand International News
Friday, Jun 21, 2024

U.S. GDP figures worse than these 7 major countries

U.S. GDP figures worse than these 7 major countries

The United States saw worse economic growth than seven other major economies in the second quarter of 2022, according to an analysis of government statistics.

On Thursday figures from the Commerce Department revealed the U.S. economy has shrunk in two consecutive quarters, the standard definition of a recession.

America's GDP, which measures all the goods and services the country produces, dropped by an annualized rate of 0.9 percent in the second quarter following a 1.6 percent drop in the first three months of 2022.

Figures compiled by Trading Economics show that the U.S. one of the worst performing major economies, with seven of its rivals doing better from April-June of this year.

Only one major economy, lockdown-hit China, recorded worse figures in the second quarter.

Of the major countries which have released growth figures for the second quarter, encompassing April-June, Spain performed the best with an annualized growth rate of 1.1 percent.

It was followed by Italy and Mexico, both on 1.0 percent, then South Korea with 0.7 percent and France on 0.5 percent.

Germany and Singapore both recorded zero growth, although as their economies did not shrink this was still better than the U.S. figure.

The Eurozone, made up of 19 European Union members who use a common currency, also outperformed the U.S. with growth of 0.7 percent despite falling supplies of Russian gas.


Out of the world's major economies only China, which recorded annualized growth of minus 2.6 percent, performed worse.

The figures for the country's second quarter come as it struggles with coronavirus.

Several other major economies are yet to release their second quarter statistics.

Since negative growth figures were released by the Commerce Department on Thursday the Biden administration has refused to admit the U.S. has entered a recession.

In a statement reacting to the news the President insisted America remains "on the right path" and "will come through this transition stronger and more secure".

The statement added: "Coming off of last year's historic economic growth, and regaining all the private sector jobs lost during the pandemic crisis, it's no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation.

"But even as we face historic global challenges, we are on the right path and we will come through this transition stronger and more secure."

This sparked a furious response from Republican Kevin McCarthy, the House Minority leader.

Addressing the President from the House he said: "You would rather redefine a recession than restore a healthy economy."

The National Bureau of Economic Research will confirm whether the U.S. is in a technical recession in the following months, when more data becomes available.

However, news America is suffering an unofficial recession is a big blow to Joe Biden ahead of the November mid-terms.

No Democratic President since Franklin D. Roosevelt has secured re-election after a recession broke out when they were in office.

Newsweek has contacted the White House for comment.

Newsletter

Related Articles

TIMES.KY
0:00
0:00
Close
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Italian Court's Controversial Ruling on Sexual Harassment Ignites Uproar
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
BBC Personalities Rebuke Accusations Amidst Scandal Involving Teen Exploitation
A Swift Disappointment: Why Is Taylor Swift Bypassing Canada on Her Global Tour?
Historic Moment: Edgars Rinkevics, EU's First Openly Gay Head of State, Takes Office as Latvia's President
Bye bye democracy, human rights, freedom: French Cops Can Now Secretly Activate Phone Cameras, Microphones And GPS To Spy On Citizens
The Poor Man With Money, Mark Zuckerberg, Unveils Twitter Replica with Heavy-Handed Censorship: A New Low in Innovation?
Unilever Plummets in a $2.5 Billion Free Fall, to begin with: A Reckoning for Misuse of Corporate Power Against National Interest
Beyond the Blame Game: The Need for Nuanced Perspectives on America's Complex Reality
Twitter Targets Meta: A Tangle of Trade Secrets and Copycat Culture
The Double-Edged Sword of AI: AI is linked to layoffs in industry that created it
US Sanctions on China's Chip Industry Backfire, Prompting Self-Inflicted Blowback
Meta Copy Twitter with New App, Threads
The New French Revolution
BlackRock Bitcoin ETF Application Refiled, Naming Coinbase as ‘Surveillance-Sharing’ Partner
×