The U.S. GDP increased 2.3 percent in 2017

The U.S. real gross domestic product (GDP) increased 2.3 percent in 2017 according to the “advance” estimate released by the Bureau of Economic Analysis. The increase in real GDP in 2017 primarily reflected positive contributions from PCE (Personal Consumption Expenditures), nonresidential fixed investment, and exports. Imports, which are a subtraction in the calculation of GDP, increased in 2017. Real gross domestic product (GDP) increased at an annual rate of 2.6 percent in the fourth quarter of 2017.

Gross domestic product expanded at a 2.6 percent annual rate also restrained by a modest pace of inventory accumulation. That followed a 3.2 percent growth pace in the third quarter. Imports, which subtract from GDP growth, increased at their fastest rate in more than seven years.

Economists polled by Reuters had forecast the economy growing at a 3.0 percent pace in the final three months of 2017. The economy grew 2.3 percent in 2017, an acceleration from the 1.5 percent logged in 2016. Economists expect annual GDP growth will hit the government’s 3 percent target this year, spurred in part by a weak dollar, rising oil prices and strengthening the global economy.

For more information, read the full report at trade.gov