The US was the worst performer among the major Group of Seven economies in the second quarter, the latest data show.
The UK Office of National Statistics released the G-7 comparison on Friday, reporting that the UK economy contracted 0.1% in the April-June period.
On a quarterly basis, which employs most countries outside the US, the US economy fell 0.2% in the second quarter. Canada was the strongest performer with economic growth of 1.1%, and the Italian and French economies also grew while Germany stagnated.
The chart was drawn ahead of Japan’s second-quarter annualized growth rate of 2.2%, or 0.5% on a quarterly basis, on Monday.
The UK numbers don’t necessarily show that the economy is headed for recession. Platinum anniversary celebrations weighed on production in June as GDP contracted 0.6%.
Analysts also noted the unusual strain of COVID-19 as suspensions of vaccination and testing programs reduced health and social work activity.
“Uncertainty about the extent of the disruption caused by the anniversary will mean we will have to wait for the August GDP data to get an accurate assessment of the underlying dynamics of the economy. For what they’re worth, the latest business surveys suggest the recovery has slowed and is likely to stall over the next few months,” said Samuel Tombs, UK chief economist at Pantheon Macroeconomics.
The UK faces a livelihood crisis as energy costs spiral up. Outgoing Prime Minister Boris Johnson said it was up to the next government to decide what to do about it after meeting with energy leaders on Thursday.
https://www.marketwatch.com/story/u-s-economy-was-the-worst-performing-of-g-7-countries-in-the-second-quarter-as-u-k-also-reports-downturn-11660290236?rss=1&siteid=rss The US economy was the worst performer among the G-7 countries in the second quarter as the UK also reports a slowdown