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4Q real GDP +0.4% annualized, vs +1.0%..>

CANADA DATA
CANADA DATA: 4Q real GDP +0.4% annualized, vs +1.0% expected, 
lowest since 2Q'16. GDP +0.1% q/q. Investment -2.7% q/q, lrgst drop 
since 2Q15, including -3.9% in hsg. Non-res biz investmnt -2.9%. Exprts 
-0.1%, with energy -0.6%. Higher inventory accumulation brought some 
offset. Household final consumption slows to +0.2% q/q, with contrib to 
ann. GDP at +0.42ppt, lowest since 2Q12. Household consumption slowdown 
expected by BOC but pickup in biz investment and exports fails. 4Q data 
adding downside risk to BOC's outlook (BOC projected 4Q ann. GDP at 
+1.3%). 2018 GDP +1.8% (vs BOC +2.0%). 
--
Dec GDP -0.1% vs flat expected and -0.1% in Nov. First back-to-back 
GDP declines since Feb-Mar 2016. Goods -0.7%, 5th drop in a row for 1st 
time since Jan-Jun 2009. Services +0.2%. GDP ex energy +0.1%.
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