Wednesday, July 12, 2017 » Second Quarter 2017 Market Commentary Market Commentary, Commentary Real GDP growth slowed to 1.4% annualized during the first quarter of 2017. This was not much lower than the 1.6% pace set in 2016. Both consumer and business spending contributed to growth. In an encouraging sign, nonresidential fixed investment was up a little more than 10%, thanks in part to increased spending on gas and oil well drilling. A shrinking trade deficit contributed to growth as well, with a contraction in government spending representing the only detractor.