The economy grew at a 2.6 percent rate to end 2017, the Department of Commerce reported Friday, denying President Trump a third straight quarter of 3 percent growth, at least for now.

Forecasters had expected a 2.9 percent annual gross domestic product growth rate, adjusted for inflation. The final number could be revised up or down, though, as Friday's report is just the first of three estimates from the Bureau of Economic Analysis.

The last time that the country saw three quarters above 3 percent was in 2005, during George W. Bush's presidency.

"I think we’re going to see short term aberrations in any quarter," commented Treasury Secretary Steven Mnuchin, appearing on CNBC from Davos, Switzerland.

"Our objective is sustained 3 percent GDP over the long term, so we’re not concerned" about any one quarter, he added.

For all of 2017, GDP growth was 2.3 percent, better than the 1.5 percent the year before but slower than 2015's mark.

The details of Friday's report, however, indicate that underlying growth in the fourth quarter of 2017 was stronger than the headline 2.6 percent rate would suggest.

A surge in imports, which count against GDP, held down overall growth. A dip in purchases of inventories, which is not indicative of future growth, also lowered the growth rate by 0.7 percentage points.

"Dissecting the numbers you see weak trade and inventories were mainly responsible, and that there was strength in important categories like consumer spending and business investment," noted Robert Frick, corporate economist for Navy Federal Credit Union.

Total private domestic purchases, a better sign of the economy's strength because it separates consumer spending and business investment out from government purchases and net exports, had the strongest showing in years, growing at a 4.6 percent annual rate.