Higher Exports Continue to Drive U.S. Economy, Highlight Importance of Pro-Trade Policies

WASHINGTON, DC – Financial Services Forum President and COO Rob Nichols issued the following statement on revised second quarter GDP growth:

“The revised second quarter GDP figures released today make clear the critical role trade is playing in spurring U.S. economic growth and job creation. The U.S. economy grew faster than expected with a 3.3% annualized rate, a sharp upward revision from the 1.9% growth reported in Commerce's first estimate a month ago.

“Exports continue to fuel this growth, revised up to a 13.2% gain from the 9.2% gain first reported – the biggest increase since the third quarter of 2007. Trade and the export markets are giving the economy a much-needed lift at a time when other aspects of the U.S. economy are facing significant headwinds.

“Keeping America’s doors open to the global economy is a vital national priority. To ensure that American businesses and workers continue to benefit from engagement in the global economy, Congress should act now to approve Free Trade Agreements with Colombia, Panama, and South Korea and renew the President’s Trade Promotion Authority.”