Press Release

Gutierrez: GDP Report Shows Solid Economic Growth

WASHINGTON—Commerce Secretary Carlos M. Gutierrez today released the following statement on the revised fourth quarter real gross domestic product (GDP) report, which showed that the American economy grew at 2.2 percent in the fourth quarter of 2006:

"While GDP for the fourth quarter has been revised down, our 2006 growth is above the previous 15 year average. The economy continues to reflect solid economic growth--growth that produced an average of 170,000 new jobs in each of the last three months of the year. America has now had five years of uninterrupted economic growth, in a recovery that has generated more than seven million new jobs since August 2003. With rising wages, modest inflation and low taxes, American workers are taking home more pay to provide for their families. With growth for the year at 3.3 percent, today’s results remind us that America's economic leadership depends on pro-growth policies that keep taxes and inflation low, create high paying jobs and maintain strong productivity.

"Today's GDP is also a reflection of the need to open more overseas markets for U.S. exports. While exports are at record levels, more must be done to break down barriers to trade and open new markets. Not only do American businesses, workers, and farmers benefit, but opening new markets for American goods and services result in lower prices and better paying American jobs. This is why it is critical that Congress extend President Bush’s ability to have Trade Promotion Authority."