Press Release

Statement by Secretary Gutierrez on Revised First Quarter GDP

WASHINGTON—Commerce Secretary Carlos M. Gutierrez today released the following statement on the final first quarter real gross domestic product (GDP), which showed that the American economy grew at a rate of 1.0 percent in the first quarter of 2008:

“The latest revision of the first quarter gross domestic product report shows that our economy is still growing slower than we would like. The President’s bipartisan economic stimulus plan is taking effect and more than 85 million checks have already been sent out to American families and consumers. It will take some time for the full impact of the stimulus to be felt.

“To ensure that our economy continues to grow, we must have good tax, trade and energy policies in place. Congress should make the tax cuts permanent—so families and small businesses do not face tax increases in the years ahead. They must pass the pending free trade agreements to level the playing field for our exporters—key contributors to our nation’s economic strength. And Congress should move forward with steps to increase American oil and gasoline production.”