FROM THE OFFICE OF PUBLIC AFFAIRS

January 28, 2005
JS-2215

Statement of Treasury Secretary John W. Snow on Fourth Quarter GDP Growth

Today's report on GDP wraps up a strong year of economic expansion and job creation. The addition of 2.3 million jobs and a solid year-over-year growth rate of 4.4 percent show the strength of our nation's economy. Real gross domestic purchases increased at a 4.7 percent rate in the fourth quarter, versus the GDP growth rate of 3.1 percent, underscoring the health of U.S. demand and the need for our trading partners to adopt policies that accelerate economic growth. With the President's economic leadership and the resolve of the American people, we will push forward with the important policies and reforms that will keep our economy on this upward path. This administration is focused on the fundamentals: cutting the deficit; establishing a fairer, simpler, pro-growth tax code; encouraging savings; reducing the burden of frivolous lawsuits on our economy and strengthening social security.