The U.S. economy grew at a healthy rate of 2.9 percent in the last quarter of 2017, according to Commerce Department data released Wednesday, higher than an earlier 2.5 percent estimate.

Personal consumption, exports, investments and government spending drove the growth, even as imports, which bring down the gross domestic product (GDP) figure, increased.

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The Commerce Department's third and final estimate of fourth-quarter growth put overall 2017 GDP growth at 2.3 percent, up from 1.5 percent in 2016, but lower than the 2.6 percent increase in 2015.

The Trump administration has set 3 percent as its overall growth target.

Wednesday's data does not reflect the effects of the GOP tax law, which went into effect in 2018.

In the last quarter of 2017, real gross domestic income only increased 0.9 percent, down from the healthy 2.4 percent growth the previous quarter.

Earlier this week, the National Association for Business Economics revised upward their economic growth estimates for 2018, setting expected GDP growth at 2.9 percent, up from their previous estimate of 2.5 percent.