U.S. economy’s fourth-quarter growth revised upward

partment reported Thursday. The figure is an improvement from the previous estimate of 1.9 percent. The added strength stemmed from stronger consumer spending, which offset an increased drag from trade.

Many economists project growth of around 2 percent in the current January-March quarter, but they expect greater strength as the year progresses as bullish consumers keep spending.

“Consumer spending will lead growth thanks to higher incomes from more jobs and rising wages, as well as likely tax cuts,” said PNC Economist Gus Faucher, who predicted GDP growth for all of 2017 at 2.3 percent. That would be a significant improvement from anemic growth of 1.6 percent in 2016, the weakest showing in five years. Since the Great Recession ended in June 2009, the economy has averaged annual GDP growth of just 2.1 percent, the slowest recovery since the end of World War II.

President Donald Trump has pledged to boost GDP growth to 4 percent or better, though private economists are doubtful he can achieve that goal given the headwinds the economy faces from an aging workforce and disappointing productivity growth.

He said his economic program of tax cuts, deregulation and increased spending in such areas as the military and infrastructure would boost the economy back to growth rates not seen on a sustained basis in decades.