THE WHITE HOUSE
Office of the Press Secretary
For Immediate Release January 27, 2000
THE CLINTON-GORE ECONOMIC RECORD:
STRONG AND SUSTAINED ECONOMIC GROWTH
Today's Economic Data Shows That the Economy Grew 4.2 Percent in 1999 -- the Fourth Consecutive Year of 4+ Percent Growth. Today, the Commerce Department announced that its advanced estimate of GDP growth in the fourth quarter was 5.8 percent. This brings growth in 1999 to 4.2 percent -- the fourth consecutive year of 4+ percent growth. This is the longest period of 4+ percent growth since the early 1960s. At the same time, America has created more than 20 million new jobs since President Clinton came into office, enjoys the lowest unemployment rate in 30 years, and the lowest underlying core rate of inflation in over 35 years.
STRONG GROWTH WITH VIRTUALLY NONEXISTENT INFLATION
- 4.2 Percent GDP Growth In 1999. GDP growth in the fourth quarter was 5.8 percent. This brings the growth rate for the four quarters of 1999 to 4.2 percent -- the fourth year in a row of 4+ percent growth for the first time since the early 1960s. Since the beginning of the Clinton Administration, the economy has grown at a 3.9 percent annual rate -- compared to 1.7 percent under President Bush and 2.8 percent during the Reagan-Bush years.
- 5.3 Percent Private-Sector Growth In the Fourth Quarter. In the fourth quarter, private-sector GDP growth was up 5.3 percent. Since the beginning of the Clinton Administration, the private-sector of the economy has grown at a 4.4 percent annual rate -- compared to 2.9 percent during the Reagan-Bush years.
- Longest and Strongest Investment On Record. For 1999, equipment and software investment grew 11.0 percent -- the seventh consecutive year of double digit growth on record. Since President Clinton has taken office, equipment and software investment has been faster -- 12.1 percent per year -- than any President on record (comparable investment data is available from 1959).
- Inflation Is the Lowest It Has Been in 37 Years. In the fourth quarter, the GDP price index rose 2.0 percent at an annual rate. For 1999, the GDP price index grew only 1.4 percent. In the last two years, GDP inflation was lower than at any time since 1963.
PRESIDENT CLINTON'S ECONOMIC GROWTH STRATEGY IS WORKING
- Maintaining Fiscal Discipline. In 1992, the budget deficit was $290 billion -- the largest dollar deficit on record. In 1999, the budget surplus was $124 billion -- the largest dollar surplus ever.
- Investing in the American People. For seven years, the President has worked to make critical investments in our people that are vital to a strong economy.
- Opening Markets Abroad and Leading The Global Economy. The President remains committed to expanding foreign markets for American goods and services and enforcing trade laws to ensure that all countries play by the rules.