The US economy grew 2.9% in the fourth quarter, more than expected

() — The US economy returned to growth during the fourth quarter, posting strong growth even as consumers and businesses faced historically high interest rates and inflation.

Gross domestic product (GDP) — the broadest measure of economic activity — rose at an annualized rate of 2.9% from October to December of last year, according to Commerce Department data released Thursday.

It represents a slowdown from the summer, when the economy experienced 3.2% growth in the third quarter, but it is an improvement over the first half of the year, which saw two straight quarters of contraction.

Economists had expected fourth-quarter GDP to grow at an adjusted annualized rate of 2.6%.

By 2022, GDP will expand 2.1%, according to the Commerce Department report.

This news is in development.