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According to statistics released Friday by the U.S. Department of Commerce, the nation’s Gross Domestic Product (GDP) grew at a rate of 3.2% during the first quarter of this year. Yet while some are celebrating the news, the figure represents a drop-off since the last quarter of 2009, when real GDP increased 5.6%. Still, President Barack Obama struck an upbeat tone when he addressed reporters in the White House Rose Garden this morning.

“What this number means is that our economy, as a whole, is in a much better place than it was one year ago...We’re heading in the right direction, we’re moving forward. Our economy is stronger, that economic heartbeat is stronger,” he said, flanked by a pair of CEO’s of clean energy companies who have been able to increase domestic payroll thanks to Recovery Act awards.

In reality, however, the statistics show the country’s economy remains in less-than great shape. During the early months of 2010 businesses built up inventories at a slower rate than the previous quarter, national exports decelerated and housing sales remained sluggish. In addition, prices of goods increased slightly while personal real income levels flat lined. Although consumer spending increased, some experts attribute this uptick to the fact that many Americans who filed taxes early capitalized on their returns.

Based on today’s numbers, the economic forecast for the future isn’t too bright, said Peter Morici, an economist and professor at the University of Maryland’s Robert Smith School of Business.

“Although the inventory rebuild has begun, the pace is slow reflecting tepid sustainable demand for U.S. goods and services...Looking ahead, data are not encouraging. After such a long and damaging recession, we should expect several quarters of 5 percent growth but poor and mistargeted economic policies will force Americans to settle for less.”