U.S. Q4 2014 GDP was revised down

Genevieve Signoret

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U.S. Q4 2014 GDP was revised down to 2.2% q/q saar from 2.6%, mostly because inventory investment was revised and the trade deficit was revised wider.

Not all the news was bad. All international trade figures (exports and imports both) were revised up,

To incorporate incoming data, we have revised up our outlook for Q1 2015 quarterly GDP growth and 2015 annual growth as follows:

Quarterly forecasts under central scenario

Annual forecasts under central scenario

The USA GDP downward revision was mainly driven by a downward revision in inventory investment