Press Release

Commerce Secretary Gutierrez Hails Strong Growth in 2nd Quarter, Calls for Continued Export Expansion

WASHINGTON—Commerce Secretary Carlos M. Gutierrez today released the following statement on the final estimate of real gross domestic product (GDP), which showed that the American economy grew at 3.8 percent in the second quarter of 2007:

“Our second quarter GDP growth shows the remarkable flexibility and resiliency of our economy in the face of some substantial challenges. Today’s report confirms that the economy was able to switch gears and derive a significant boost from rising net exports. For almost six years we’ve experienced uninterrupted economic growth and historically low levels of unemployment that are better than the average in each of the past four decades.

“We should work to continue expanding exports. One of President Bush’s top priorities is to work with Congress to pass pending Free Trade Agreements with Peru, Colombia, Panama and Korea. Earlier this month I took a bipartisan Congressional Delegation to Panama, Peru and Colombia to see firsthand the opportunity and benefits of these agreements. Congress has already allowed 90 percent of goods from these countries to enter our markets duty free. We should extend the same preferences to U.S. farmers and workers that Congress has already given to the workers of Peru, Colombia and Panama.

“We know that open markets benefit our economy. When we open markets, we create opportunities for American exporters and increase the competitiveness of our economy. It’s important that we continue to grow our exports, so we can continue to grow our GDP. We look forward to working with Congress to pass the Free Trade Agreements with Peru, Colombia and Panama.”