The U.S. economy grew at a faster pace than expected at the end of 2023, underscoring its resilience even in the face of still-high inflation and steep interest rates.

Gross domestic product, the broadest measure of goods and services produced across the economy, grew by 3.3% on an annualized basis in the three-month period from October through December, the Commerce Department said in its first reading of the data Thursday. 

That is far higher than the 2% increase forecast by Refinitiv economists, although it marks a notable drop from the 4.9% growth rate notched during the third quarter.

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