The economy grew at a 2.3 percent annual pace in the first quarter, the Bureau of Economic Analysis reported Friday.

That was a slightly better rate than expected. Forecasters had expected growth, as measured by Gross Domestic Product and adjusted for inflation, to slow to 2 percent, down from 2.9 percent the previous quarter.

Consumer spending cooled off to start the year, but that was partly offset by strong business investment growth – one of the most encouraging data points in the report, as the Trump administration has pursued policies meant to build up capital spending.

Friday's report covered the first quarter since the enactment of the Republican tax cuts and corporate tax overhaul that lowered businesses' cost of investing.

Nevertheless, other aspects of the report suggested that underlying growth might be slower. For example, 0.43 percentage points of the growth rate were attributable to business adding inventories, which oscillate from quarter to quarter and don't suggest higher growth.

"Putting it all together the first quarter GDP report was good but not great," concluded PNC chief economist Gus Faucher, noting that the recovery, now in its 106th month, is tied for the second-longest expansion in history.

President Trump's administration has promised growth of 3 percent over the long term.

Friday's report, which is just a first estimate and will be revised, suggests that growth hasn't budged much from previous forecasts.

In March, Federal Reserve officials projected that growth for the year would clock in at 2.7 percent. National Association of Business Economists forecasters pegged it at 2.9 percent.