Press Release

Statement by Secretary Gutierrez on Revised Second Quarter GDP

WASHINGTON—U.S. Secretary of Commerce Carlos M. Gutierrez today released the following statement on the preliminary estimate of real gross domestic product (GDP), which showed that the U.S. economy grew at a rate of 3.3 percent in the second quarter of 2008:

“The economy grew at an encouraging rate of 3.3 percent in the second quarter. This growth came in the face of serious economic headwinds and shows the resilience of our economy. Today’s report highlights the important role exports play in our economic growth. Congress must act with a sense of urgency to schedule votes on the pending free trade agreements. This would help continue the positive growth we’ve seen from trade and give our exporters access to more markets.

“The nation also needs sound energy and tax policies to keep the economy on the right track. Congress should take action to ease the pressure at the gas pumps by encouraging domestic oil exploration and the development of alternative resources. And by making the historic tax cuts permanent, America’s families and small businesses will be able to keep more of their hard-earned money.”