GDP in America has fallen for the second consecutive quarter of the year. America's Real GDP (Gross Domestic Product) declined in the second quarter of the year 2022 at an annual rate of 0.9% from April to June. This decline in US GDP for the second consecutive quarter technically indicates a recession.
According to data from the US Bureau of Economic Analysis, the US GDP declined by 1.6% in the January to March quarter of 2022. According to experts, when real GDP shows a decline in two consecutive quarters, such a situation is technically kept in the category of recession.
Let us inform you that these figures showing the decline in GDP in the US for the second consecutive quarter have been released on an approximate basis and the agency will revise these figures on August 25 this year.
The Bureau of Economic Analysis said in a statement that the decline in real GDP was due to a reduction in private inventory investment, residential fixed investment, federal government spending, state and local government spending, and nonresidential fixed investment, and partly exports and personal consumption. Indicates increase in expenditure etc.
Let us tell you that earlier this week, US President Joe Biden said that the country is not heading towards an economic recession. Talking to reporters, the US President had said, "I think the employment rate in the country is still the highest in history and we are also getting investors continuously." The US President had also said during this that the rate of our growth may slow down a bit, but to say that we are heading towards recession, would be wrong.
Along with slowing growth, the US is also passing through a period of the highest inflation in the past four decades. The US Federal Open Market Committee earlier this week decided to raise interest rates by 75 basis points to tackle rising inflation, to reduce demand in the economy.
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