Press Release

Commerce Secretary Gutierrez Praises Robust Third Quarter GDP Growth

LOS ANGELES─Commerce Secretary Carlos M. Gutierrez today released the following statement on the revised third quarter real gross domestic product (GDP) report, which showed that the American economy grew at 4.9 percent in the third quarter of 2007, the highest rate of GDP growth in four years:

“In the face of real challenges, our resilient economy has now experienced six years of uninterrupted growth. As the holiday shopping season begins, I am pleased with today’s strong GDP report, coupled with the 1.68 million jobs added over the past year and low unemployment. President Bush’s pro-growth policies are moving our economy forward. I’m encouraged by what we’re seeing in business investment and the 28 percent of GDP growth that is due to trade. Exports contributed greatly to the third quarter’s strong growth.

“U.S. exports provide a big boost to America’s economy, and we should do everything we can to expand 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. 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.

“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, which are an important driver of growth and jobs, here at home and abroad.”

Secretary Gutierrez is in Los Angeles to address the GE Hispanic Forum, a gathering of over 600 people dedicated to attracting, developing, and promoting Hispanic talent in the United States, and to reiterate the importance of U.S. exports. GE exports totaled $13 billion in 2006. A free trade agreement with Colombia, a country with which GE’s exports totaled $56 million in 2006, would greatly reduce the tariffs on U.S.-made items including cooking stoves, washing machines and light bulbs immediately.