Abstract
Real GDP grew by 1.4% on an annualised basis in Q4 2015, with final sales rising by 1.6% and inventories shaving 0.2ppt from growth. Consumer spending rose by 2.4%, while residential investment capped off a strong year with a 10.1% advance. The major drags on growth came from net trade and business investment. We have revised down our 2016 GDP growth forecast to 2.0% on expectations of a weaker Q1, while our view on 2017 remains at 2.4%. The picture is still one of solid domestic fundamentals being constrained by global headwinds.
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