Press Release

Statement by Secretary Gutierrez on Second Quarter GDP

WASHINGTON—Commerce Secretary Carlos M. Gutierrez today released the following statement on the preliminary second quarter real gross domestic product (GDP), which showed that the U.S. economy grew at a rate of 1.9 percent in the second quarter of 2008:

“Second quarter growth was twice the rate of the first quarter despite economic headwinds. Today’s report demonstrates that the stimulus was the right plan at the right time – and that it’s working. We are seeing signs that consumers are spending their money in ways that make sense for them. Trade played a leading role in our economic growth contributing 2.4 percentage points to the 1.9 percent GDP growth this quarter. Farmers, workers and manufacturers deserve a level playing field for their products in other countries, so Congress must schedule votes on the pending free trade agreements with Colombia, Panama and South Korea.*

“For economic growth to pick up later in 2008 and in the years ahead, we must have good tax and energy policies. Congress should make the tax cuts permanent so families and businesses can plan for their future. And the country needs sound energy policies that expand domestic oil and natural gas production, which can help ease pressure on high prices at the gas pump.”

*This has been updated from an earlier version.