Abstract
GDP grew by an annualized 1.1% in Q1 2016 as final sales rose 1.3% and inventories shaved 0.2pp from growth. Consumer spending rose 1.5%, while residential investment surged 15.6%. Meanwhile, business investment contracted 4.5%, its worst performance since Q3 2009, and net trade added just 0.1pp to growth. We expect modest GDP expansion of 2% in 2016 and 2.3% in 2017, with domestic activity constrained by global headwinds.
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