American economy gaining strength: Bryson

Real exports of goods and services increased 4.7 per cent in the fourth quarter, the same increase as in the third, the Commerce Department said.

By PTI | Updated: Jan 27, 2012, 11.08 PM IST

WASHINGTON: The American economy is moving in the right direction and gaining strength, the US Commerce Secretary said after latest figures showed on Friday that the country's gross domestic product (GDP) increased by 2.8 per cent in the last quarter.

"Today's report is another indication that our economy is moving in the right direction and we are gaining strength," US Commerce Secretary John Bryson said, noting advances in exports and personal consumption.

"But we cannot afford to give up the gains we have made. Our work is far from over and we must remain focused on the elements of an economy that is built to last, American manufacturing, American energy, and education and training for American workers," Bryson said.

Earlier the US Commerce Department's Bureau of Economic Analysis released advance estimate of GDP for the fourth quarter of 2011.

Real GDP rose 2.8 per cent at an annual rate, up from 1. 8 per cent in the third quarter. Real GDP for 2011 overall grew 1.7 per cent. The increase in real GDP reflected growth across several key economic sectors.

Real exports of goods and services increased 4.7 per cent in the fourth quarter, the same increase as in the third, the Commerce Department said.

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