WASHINGTON -- The U.S. economy grew at a faster-than-expected 2% annual rate in the first quarter, as a rise in consumer spending outweighed drops in business investment and inventories.

Gross domestic product, the total of all goods and services produced in the U.S., accelerated from a 1% growth pace in the fourth quarter that was the slowest in more than 5 years, the U.S. Commerce Department said.