The U.S. economy grew faster than initially thought in 2023 amid upgrades to business investment and consumer spending despite hefty interest rate increases from the Federal Reserve, revised government data showed on Thursday.

The US economy bounced back from the pandemic in stronger shape than previously estimated, spurred mainly by bigger consumer-fueled growth in 2022 and 2023, according to revised government data.

Economists polled by Reuters had forecast GDP would be unrevised at a 3.0% pace. Growth in the first quarter was revised up to a 1.6% rate from the previously reported 1.4% pace. The government revised the national accounts data from the first quarter of 2019 through the first quarter of 2024.