Press Release

Commerce Secretary Gutierrez Praises Strong Third Quarter GDP Growth

WASHINGTON—Commerce Secretary Carlos M. Gutierrez today released the following statement on the final estimate of real gross domestic product (GDP), which showed that the American economy grew at 3.9 percent in the third quarter of 2007:

“Today’s GDP report showed a third quarter of strong growth fed by consumer spending, business investment and rising net exports. I’m encouraged by what we’re seeing in business investment and the 23 percent of GDP growth that is due to trade. These components of GDP show the strength and resilience of our economy. Even though housing remains a serious concern, it is being offset by growth in non-residential construction. Today’s strong GDP report, plus our record-breaking 49 consecutive months of job growth and historically-low unemployment, add up to a solid economic picture.

“One of President Bush’s top priorities is to work with Congress to pass pending Free Trade Agreements with Peru, Colombia, Panama and Korea. Congress has already allowed 90 percent of goods from these countries to enter our markets duty-free. U.S. exports are clearly contributing to our GDP growth, so we should do everything we can to boost exports. We should extend the same preferences to U.S. farmers, workers and businesses that Congress has already given to the farmers, workers and businesses of Peru, Colombia and Panama.

“Opening markets creates opportunities for American exporters and increases the competitiveness of our economy. We look forward to working with Congress to pass the Free Trade Agreements with Peru, Colombia, Panama and Korea.”