A report from the Commerce Department showed on Thursday that the U.S. economy grew slower than initially thought in the fourth quarter of 2018, as personal consumption expenditures (PCE), state and local government spending, and nonresidential fixed investment were revised down, but the general picture of economic growth remains the same.

According to the third estimate, the U.S. gross domestic product (GDP) grew at a 2.2 percent annual rate in the fourth quarter, lower than 2.6 percent reported in the second estimate.

Economists had expected the growth rate to be revised down to 2.4 percent.

In the third quarter of 2018, the economy expanded by 3.4 percent.

The increase in real GDP in the fourth quarter reflected positive contributions from personal consumption expenditures (PCE), nonresidential fixed investment, exports, private inventory investment, and federal government spending. Those were partly offset by negative contributions from residential fixed investment and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased in the fourth quarter.

Meanwhile, the deceleration in real GDP growth in the fourth quarter reflected decelerations in private inventory investment, PCE, and federal government spending and a downturn in state and local government spending. These movements were partly offset by an upturn in exports and an acceleration in nonresidential fixed investment. Imports increased less in the fourth quarter than in the third quarter.