Today, the Department of Commerce’s Bureau of Economic Analysis (BEA) released the advance estimate for gross domestic product (GDP) for the first quarter of 2021, finding that real gross domestic product increased at a 6.4-percent annual rate. Personal consumption expenditures increased by a robust 10.7-percent annual rate, while business investment in equipment and intellectual property products continued to grow steadily.
U.S. Secretary of Commerce Gina M. Raimondo issued the following statement in response:
“Today’s GDP report is encouraging. President Biden took swift, decisive action in his first 100 days to vaccinate Americans, deliver relief to families and businesses, and set the stage for a sustainable economic expansion for all Americans.
The President entered office with a plan to Build Back Better, and as he said last night, America is moving forward, but we can’t stop now. A simple bounce-back is not sufficient. We need the strategic investments included in the American Jobs Plan and American Families Plan to not only return to where we were prior to the pandemic, but to build our country and our economy back better. We need big, bold actions that invest in our families, our workforce, and our infrastructure that position America to out-compete on the global stage for decades to come.”