WASHINGTON (AP) — The U.S. economy maintained its resilience from October through December despite rising interest rates, growing at a 2.6% annual pace, the government said Thursday in a slight downgrade from its previous estimate.

The government had previously estimated that the economy expanded at a 2.7% annual rate last quarter.

The rise in the gross domestic product — the economy’s total output of goods and services — for the October-December quarter was down from the 3.2% growth rate from July through September.

Exports and consumer spending were revised lower in the Thursday report. For all of 2022, the U.S. economy expanded 2.1%, down from a robust 5.9% in 2021.