4Q & Annual 2017 Gross Domestic Product


Thomas Sully, 1818. Oil on Canvas

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The 4Q 2017 final U.S. GDP estimate got a sizable positive +40bps revision to the headline with consimption and investment providing the upside: 

  • Headline GDP was revised +40bps to +2.9% QoQ SAAR (the third consequitive quarter of GDP near 3%).
  • Year-over-year GDP was revised +10bps to +2.6%.
  • Personal Consumption growth was revised higher by 20bps to 4.0% QoQ SAAR, with a +17bps increase (from a contribution persepective) from Services & Non-Durables.
  • Most of the positive Investment juice came from the inventory side (contribution revised +17bps) while residential invetment was revised marginally lower and Non-Residential Investment was revised marginally higher.
  • GDP Deflator and Core PCE Deflator were unchanged at 2.3% and 1.9%, respectively. .




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