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Statement from Acting U.S. Commerce Secretary Rebecca Blank on the Advance Estimate of GDP in the Second Quarter of 2012

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FOR IMMEDIATE RELEASE
Friday, July 27, 2012
CONTACT OFFICE OF PUBLIC AFFAIRS
202-482-4883

The U.S. Commerce Department’s Bureau of Economic Analysis today released the advance estimate of gross domestic product (GDP) for the second quarter of 2012. Real GDP grew 1.5 percent at an annual rate in the second quarter, consistent with private sector expectations. In addition, both GDP and gross domestic income (GDI) were revised upward for the previous two quarters: real GDP growth is estimated at 4.1 percent in the fourth quarter of 2011 and 2.0 percent in the first quarter of 2012; real GDI growth is estimated at 4.5 percent in the fourth quarter of 2011 and 3.5 percent in the first quarter of 2012.

"Today’s advance estimate of real GDP shows that our economy continues to heal from the worst economic downturn since the Great Depression, but there is much more work to be done," said Acting U.S. Commerce Secretary Rebecca Blank. "The data released today show that we have seen 12 quarters of consecutive GDP growth, largely coinciding with the 28 straight months of private sector job gains totaling 4.4 million new jobs created. Additionally, GDP growth numbers for the last quarter of 2011 and the first quarter of 2012 were revised up today, showing a stronger than originally reported economy during that period. However, our economy continues to face several headwinds including a drag from a decline in state and local government activity and the economic slowdown in other countries, especially in Europe. Therefore, it is imperative that we continue to push for policies that will grow our economy and support our middle class such as the remaining proposals in President Obama’s American Jobs Act that independent experts have said could create one million jobs. Congress should also take action to strengthen the overall economy by ending tax breaks for companies that ship jobs overseas, making our tax code simpler and fairer for small businesses, and extending the tax cuts for 98 percent of Americans and 97 percent of small businesses.”