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4Q adv GDP +2.6% vs +3.0% expected and down.>

US DATA
US DATA: 4Q adv GDP +2.6% vs +3.0% expected and down modestly from +3.2% 
in 3Q, as GDP price index +2.4% vs +2.3% expected and +2.1% in 3Q.
- The core PCE price index was +1.9% in 4Q after +1.3% in 3Q, for 
year/year rates of +1.5% 4Q vs +1.4% 3Q.
- The mild slowdown in growth was due to reversals in contributions from 
net exports (-1.13pp vs +0.36pp) and inventories (-0.67pp vs +0.79pp)
- When inventories were removed, real final sales +3.2% vs +2.4% in 3Q.
- Main positive contribution from PCE (+2.58pp vs +1.49pp in 3Q), as 
well as nonresidential fixed investment (+0.84pp vs +0.58pp), residential 
fixed investment (+0.42pp vs -0.18pp) and government (+0.50pp vs +0.12pp). 
- 2017 GDP was +2.3% vs +1.5% in 2016 on a full year basis and +2.5% 
4Q/4Q vs +1.8% 4Q/4Q in 2016. 

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