Standing in front of a banner highlighting his “Blueprint for America,” President Biden touted the fourth quarter's economic growth during a visit to Virginia on Thursday.

"Just this morning, we got some very good news about the American economy," he began his speech Thursday afternoon. "I'm not sure, and I mean this sincerely, that the news could have been any better.”

The U.S. economy grew at a 2.9% annual rate to cap the final three months of 2022, marking a strong end to the year after the economy contracted in the first two quarters of the year. The gross domestic product, or GDP, increased by 2.1% over the entire 2021.

The strong fourth quarter was attributed to increases in consumer spending and government spending, according to the Bureau of Economic Analysis.

“The jobs numbers are still very strong and even though the consumer has cooled somewhat, we are still seeing spending growth there,” added RiverFront Investment Group Senior Market Strategist Rebecca Felton during a Yahoo Finance Live appearance Tuesday.

‘Underlying demand and investment remains weak’

During what Biden's aides described as his first major economic speech of the year, Biden also noted recent good economic news about unemployment levels, wage growth, and manufacturing job levels as evidence that his economic plan is working.

He then turned to slam Republicans who, Biden said, would jeopardize the economic progress. The president blasted a Republican idea for a 30% national sales tax that has become a key Democratic talking point even though it’s unlikely to be taken up for a vote anytime soon.

On the other side of the aisle, House Ways and Means Chairman Jason Smith (R-MO) released a statement Tuesday downplaying the GDP numbers, saying the growth in Q4 was welcome but “underlying demand and investment remains weak and half of the growth was really due to an increase in inventories — suggesting that dark clouds loom over 2023.”

Economists also noted Thursday that the numbers, while strong, do indicate some slowing.

“In the fourth quarter of 2022, household spending and business investment were positive but seem to be losing momentum,” said American Institute for Economic Research economist Peter Early after Thursday’s release.

Experts also noted that the ongoing campaign from the Federal Reserve to raise interest rates to fight inflation is also expected to constrain further economic growth, if not lead to a recession in 2023.

Biden, though, pushed back against warnings of a slowdown during Thursday's remarks.