George W. Bush, January 31, 2007:
Just today, we learned that America’s economy grew at an annual rate of 3.5 percent in the fourth quarter of 2006. That means our economy grew at 3.4 percent last year, which is up from 3.1 percent in 2005. Ladies and gentlemen: The state of our economy is strong.
The U.S. economy was cooler than thought as last year drew to a close.
The Commerce Department says fourth-quarter growth has been revised to an annual gain of 2.2 percent. That’s a downward revision from the previous estimate of Gross Domestic Product put at 3.5 percent.
The downgrading of fourth-quarter growth means the economy for all of 2006 grew just 3.3 percent.