FROM THE OFFICE OF PUBLIC AFFAIRS

November 30, 2004
JS-2118

Statement by Treasury Secretary John W. Snow on GDP Report

We learned today that America's Gross Domestic Product (GDP) grew even faster in the third quarter than we previously thought, with GDP rising at a solid rate of 3.9 percent. Today's report illustrates the strength of the U.S economy, and shows how its underlying fundamentals are ensuring sustainable, non-inflationary growth.

Consumer spending was particularly strong in the third quarter, the strongest since the fourth quarter of 2001, and this is a major key to our economy's strength.

Thanks to the President's economic policies that put more money into taxpayers' pockets and that enhance the incentive to work and invest, our economy is on a steady path of growth; today's GDP number is good news for all Americans.