Press Release

Statement by Secretary Gutierrez on First Quarter GDP

WASHINGTON—Commerce Secretary Carlos M. Gutierrez today released the following statement on the estimate of real gross domestic product (GDP), which showed that the American economy grew at a rate of 0.6 percent in the first quarter of 2008:

“As expected first quarter growth was slow. The numbers reaffirm the importance of continuing immediate and long term efforts to strengthen our economy. The President took quick action to jumpstart our economy by advancing bipartisan economic stimulus legislation in February. Many Americans have begun to receive their tax rebates and more checks will go out in the weeks ahead. Over the coming months, analysts forecast the more than $150 billion in tax rebates and business incentives will provide a real boost to our economy by putting money back in the hands of workers and businesses.

“Exports are booming and helped keep GDP in the black. So why is Congress delaying efforts to open overseas markets for U.S. farmers, workers and businesses? Exports now account for a larger part of the nation’s GDP than at any time in history, and is an important way to continue on the path of growth. Congress must schedule a vote and pass the Colombian Free Trade Agreement to level the playing field for American exports.”