Press Release

Statement by Secretary Gutierrez on Fourth Quarter GDP

WASHINGTON—Commerce Secretary Carlos M. Gutierrez today released the following statement on the final fourth quarter real gross domestic product (GDP) report, which showed that the American economy grew at a rate of 0.6 percent in the fourth quarter of 2007, unchanged from previous estimates:

“Today’s report confirms that our economy was still growing at the end of 2007, but at a much slower rate than we would like. As we seek to help our economy get back on track, it is important we focus on the right problems. So when we saw signs the economy was slowing late last year, the President worked with Congress to pass a stimulus plan that will encourage businesses to invest and will put money back in the hands of consumers. And when the downturn in the housing market became clear, we took action by facilitating the HOPE NOW alliance that will help homeowners.

“One of the great drivers of growth has been trade. In 2007, we exported $1.6 trillion in goods and services, and net exports contributed 27 percent to our growth. In order to continue this trend, Congress must pass the Colombia Free Trade Agreement.”