Press Release

Secretary Gutierrez Statement on Fourth Quarter GDP

MEXICO CITY—Commerce Secretary Carlos M. Gutierrez today released the following statement on the fourth quarter real gross domestic product (GDP) report, which showed that the American economy grew at a rate of 0.6 percent in the fourth quarter of 2007, unchanged from the previous estimate:

“America’s economy continues to grow, though at a slower rate than we would like. The President’s economic stimulus plan will provide a needed boost by putting money into the hands of American consumers and providing incentives for businesses to invest.

“In the long-term, it is important to maintain pro-growth policies by making the tax cuts permanent. Net exports remain a key driver of U.S. economic growth, contributing 26 percent to our growth in 2007. I urge Congress to pass the pending free trade agreements with Colombia, Panama and Korea, which will lower barriers to American exports and create better-paying American jobs.”

Secretary Gutierrez is in Mexico this week participating in a U.S.-Mexico Infrastructure Conference and meeting with his Mexican and Canadian counterparts at the Security and Prosperity Partnership of North America (SPP) Ministerial. Since NAFTA took effect, more than 25 million jobs have been created. Between 1993 and 2007, the U.S. economy grew by 54 percent.