Press Release

Statement by Secretary Gutierrez on Revised Second Quarter GDP

WASHINGTON—Commerce Secretary Carlos M. Gutierrez today released the following statement on the final second quarter real gross domestic product (GDP), which showed that the American economy grew at a rate of 2.8 percent in the second quarter of 2008.

“Today’s report shows that even in the midst of significant challenges, our economy continued to grow. Growth was not as robust as we’d like and we know that American families and businesses are concerned, especially in light of the recent turmoil in financial markets. We must work quickly and in a bipartisan way to pass a financial rescue package to stabilize financial markets and protect families across America.

“Exports accounted for more than 50 percent of our growth in the second quarter and have been at record-high levels during this administration. Consumers around the world continue to demand the high-quality products and services our exporters have to offer. To keep our nation competitive, and create more opportunities for America’s workers and businesses, Congress must pass pending free trade agreements with Colombia, Panama and South Korea.”