Saudi Press

Saudi Arabia and the world
Sunday, Jun 01, 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

Saudi Press
0:00
0:00
Close
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
Saudi-Spanish Business Forum Commences in Riyadh
Saudi Arabia and Spain Sign MoU to Boost SME Sectors
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
A Chinese company made solar tiles that look way nicer than regular panels!
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
Michael Jordan to Serve as Analyst for NBA Games
×