The United States experienced 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 that the US economy has contracted for two consecutive quarters, the standard definition of a recession.
US GDP, which measures all the goods and services the country produces, fell at an annualized rate of 0.9 percent in the second quarter after falling 1.6 percent in the first three months of 2022.
Figures compiled by Trading Economics show the US is one of the worst-performing major economies, with seven of its rivals improving from April to June this year.
Only one major economy, lockdown-hit China, posted worse figures in the second quarter.
Of the major countries that have released growth figures for the second quarter, which includes April-June, Spain performed best with an annualized growth rate of 1.1 percent.
It was followed by Italy and Mexico, both with 1.0 percent, then South Korea with 0.7 percent and France with 0.5 percent.
Germany and Singapore reported zero growth, although since their economies did not shrink, this was still better than the US figure.
The eurozone, made up of 19 members of the European Union that use a common currency, also outperformed the US with growth of 0.7 percent despite falling Russian gas supplies.
Of the world’s major economies, only China, which recorded annual growth of less than 2.6%, fared worse.
The country’s second-quarter figures come as it battles the coronavirus.
Several other major economies have yet to release their second-quarter statistics.
Since the Commerce Department released negative growth figures on Thursday, the Biden administration has refused to admit that the United States has entered a recession.
In a statement in reaction to the news, the president insisted that the United States remains “on the right path” and “will face this transition stronger and more confident.”
The statement added: “On the back of last year’s historic economic growth and recovering all the private sector jobs lost during the pandemic crisis, it is no surprise that the economy is slowing as the Reserve Federal acts to reduce inflation.
“But even as we face historic global challenges, we are on the right track and will come through this transition stronger and more confident.”
U.S. President Joe Biden delivers remarks during a meeting on the U.S. economy with CEOs and members of his cabinet in the South Court Auditorium of the White House on July 28, 2022 in Washington. The president is under increasing pressure following news that America has entered an unofficial recession. Anna Moneymaker/GETTY
That prompted an angry response from Republican House Minority Leader Kevin McCarthy.
Addressing the president from the House, he said, “I would rather redefine a recession than restore a healthy economy.”
The National Bureau of Economic Research will confirm whether the United States is in a technical recession in the coming months, when more data becomes available.
However, the news that the United States is in an unofficial recession is a big blow to Joe Biden ahead of the midterms in November.
No Democratic president since Franklin D. Roosevelt has won reelection after a recession broke out while they were in office.
Newsweek has reached out to the White House for comment.