Statement from Commerce Secretary Locke on the Advance Estimate of GDP for the First Quarter of 2011

Washington, D.C.–(ENEWSPF)–April 28, 2011. The U.S. Commerce Department’s Bureau of Economic Analysis today released the advance estimate of gross domestic product (GDP) for the first quarter of 2011. Real GDP grew 1.8 percent at an annual rate, consistent with private-sector expectations. In the fourth quarter of 2010, GDP grew 3.1 percent at an annual rate.

“From December to March, we saw the fastest pace of private employment growth so far in this recovery,” U.S. Commerce Secretary Gary Locke said. “While we work to make tough choices to ensure government is living within its means, we must continue to invest in our future – in what will make us more competitive in the global marketplace and strengthen the foundation of our economy – so opportunities for the American people continue to grow.”

Source: commerce.gov