The U.S. economy expanded throughout 2024, but growth slowed in the last three months of the year as businesses pulled back on investments and exported fewer goods overseas.

Economists expect that real GDP grew about 2.5% in the period, below the third quarter’s growth rate, due to a trade deficit in goods.

The U.S. grew at a mild 2.3% annual pace in the final three months of 2024, but the details of the report showed an economy on strong footing as the Biden administration handed off to the Trump White House.