US real gross domestic product grew at an annual rate of 2.9% in the fourth quarter, according to the third estimate of GDP growth released today by the US Commerce Department. The new estimate is up from the previous estimate, which pegged growth at 2.5%; the general picture of economic growth remains the same, but personal consumption expenditures and private inventory investment were revised upward.

Real GDP for the US increased 3.2% in the third quarter of 2017.

MarketWatch reported the revised estimate reflects the biggest increase in consumer spending in three years and higher investment in business inventories. Its poll of economists had forecast an annualized 2.8% reading in the government’s latest revision of GDP. The economy ended 2017 on fairly high note, but it may have gotten off to a softer start in the new year. Most economists predict GDP will grow less than 2% in the first quarter due to slower spending by consumers and businesses, according to MarketWatch.