Newly released economic figures from the Commerce Department showed that the U.S. economy grew more than expected last quarter. Gross Domestic Product (GDP) increased 6.9% in the last quarter of 2021, exceeding the experts’ predictions of 5.5 percent growth and far outpaced the previous quarter’s 2.3% increase.

“The acceleration in real GDP in the fourth quarter primarily reflected an upturn in exports, accelerations in private inventory investment and PCE, and smaller decreases in residential fixed investment and federal government spending that were partly offset by a downturn in state and local government spending,” the Commerce Department’s Bureau of Economic Analysis (BEA) said. “Imports accelerated.”

Center Square reported that the increase in economic growth from October through December led to a healthy growth year in 2021, despite weaker growth earlier in the year.

“GDP growth dramatically outpaced forecasts made a year ago. Most forecasters expected the economy to grow 3 to 4 percent this year,” said Jason Furman, former advisor to President Barack Obama and senior fellow at the Peterson Institute. “Instead it has grown 5.5 percent. That is more than a percentage point faster than even the most optimistic forecast was expecting.” The federal agency said COVID-19 is still a significant factor affecting economic increase.“The increase in fourth quarter GDP reflected the continued economic impact of the COVID-19 pandemic. In the fourth quarter, COVID-19 cases resulted in continued restrictions and disruptions in the operations of establishments in some parts of the country,” BEA said in its release of the numbers. “Government assistance payments in the form of forgivable loans to businesses, grants to state and local governments, and social benefits to households all decreased as provisions of several federal programs expired or tapered off.”