Press Release

Commerce Secretary Gutierrez Statement on Final Third Quarter GDP

WASHINGTON—Commerce Secretary Carlos M. Gutierrez today released the following statement on the final third quarter real gross domestic product (GDP) report, which showed that the American economy remained at a solid 4.9 percent annual rate in the third quarter of 2007.

“The third quarter of 2007 was just the latest chapter in our economy’s six years of uninterrupted growth. We have now experienced 51 straight months of job growth, with 1.5 million jobs added in the past year alone—that’s more than the population of the state of Idaho. More and more Americans are working and productivity is high.

“Our growth is creating high paying jobs and investment in U.S. businesses, products and services. Booming growth in real exports during the quarter—19 percent at annual rate—has trade contributing 28 percent of our GDP growth. President Bush’s pro-growth policies continue to move our economy forward.

“Free trade agreements are critical to lowering barriers to American exports and creating better-paying American jobs. President Bush’s signing of the U.S.-Peru Trade Promotion agreement marked an historic step in strengthening America’s friendship with an ally and opening a new market to U.S. exports. I commend Congress for its overwhelming bipartisan cooperation in passing the U.S.-Peru Trade Promotion Agreement and look forward to working with Congress to pass pending free trade agreements with Colombia, Panama and Korea in the coming months.”