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April 28, 2006 9:00 AM, EDT

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he U.S. economy grew at a 4.8% annual rate in the first quarter, following the fourth-quarter’s 1.7% gain, the Commerce Department reported Friday.

The gross domestic product growth was about in line with economists’ forecasts of a 4.9% increase, Bloomberg reported.

GDP is the value of all the goods and services produced in the country.

Consumer spending, which accounts for about two-thirds of the GDP, expanded at a 5.5% annual rate in the quarter, the fastest since the third quarter of 2003, Commerce said.

Consumer spending on durable goods made to last more than three years rose by the most since 2001, Bloomberg reported.