The U.S. economy slowed but continued to grow in the fourth quarter, although at a slower rate than earlier in the year if forecasters are correct.

A report due Thursday from the Bureau of Economic Analysis is likely to show the economy grew at an annual rate of 2.5% in the fourth quarter, a slowdown from 3.1% in the third quarter, according to a survey of forecasters by Dow Jones Newswires and The Wall Street Journal. It would be the slowest growth rate since the first quarter of 2024 when the economy grew at an annual rate of 1.6%.

Financial markets may pay less attention to this backward-looking indicator and more attention to the actions of the new White House and their potential effects on the economy, John Ryding and Conrad DeQuadros, economists at Brean Captial Markets, said in a commentary. Still, the new figures should show the economy closed out the year on solid footing.

"The fourth-quarter GDP data will show the momentum of the economy at the end of last year and the starting point for growth under the new administration," they wrote.

Early forecasts were shaken up Wednesday when a separate Commerce Department report showed the U.S. ran a record-high trade deficit as importers stocked up on foreign goods in advance of anticipated tariffs from the Trump administration. Because imports subtract from the GDP, Thursday's figures could be lower than the consensus forecast, somewhere in the 1% range, economists at Pantheon Macroeconomics said in a commentary.

In other parts of the report, rebounding investment in housing could boost the GDP figure, making up for losses in business investment, economists at Goldman Sachs said in a commentary.

The GDP figures released Thursday are an initial estimate. As more data comes in, they will be revised twice before being finalized.