WashingtonCNN — 

Another year of robust economic growth is in the books, underscoring how the Biden administration handed President Donald Trump what many consider a solid economy.

The US economy grew 2.5% over the past year, according to new Commerce Department figures released Thursday, comparing the fourth quarter in 2024 with the one from a year earlier. A resilient labor market supported strong consumer spending last year. Americans’ spending accounts for about 70% of the US economy. Business investment also fueled growth in 2024, though it went into reverse in the final months of the year.

The economy expanded at an annualized rate of 2.3% in the fourth quarter, as measured by gross domestic product, the broadest measure of economic output. That was slightly below economists’ expectations of a 2.4% rate, according to FactSet. The figures are adjusted for seasonal swings and inflation.

“Fourth-quarter GDP data capped off a surprisingly strong year in 2024,” Ellen Zentner, chief economic strategist at Morgan Stanley Wealth Management, said in commentary issued Thursday. “The US consumer has been unstoppable, supported by wealth creation, a strong labor market, and lending.”