Beautiful Virgin Islands

Tuesday, Jun 24, 2025

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

Beautiful Virgin Islands
0:00
0:00
Close
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
×