US economic growth in Q4 revised up to 2.9 percent rate

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US economic growth in Q4 revised up to 2.9 percent rate
FILE- In this March 7, 2018, file photo, a man standing on the bow of a Golden Gate Ferry takes a picture of a container ship as it heads toward the San Francisco-Oakland Bay Bridge in San Francisco. On Wednesday, March 28, the Commerce Department issues its final estimate of how the U.S. economy performed in the October-December quarter. (AP Photo/Eric Risberg, File)

WASHINGTON (AP) — The U.S. economy grew at a solid 2.9 percent annual rate in the final three months of last year, a sharp upward revision that caps three straight quarters of healthy growth. The Trump administration is hoping the economy will accelerate further this year, aided by sizable tax cuts and increased government spending.

The Commerce Department says the gross domestic product, the country’s total output of goods and services, was growing at a faster clip than its previous estimate of 2.5 percent. The gain followed increases of 3.1 percent in the second quarter and 3.2 percent in the third quarter.

The updated growth figure reflected in part more spending by consumers in services including auto repairs. Overall consumer spending grew at the fastest pace in three years.