[BBC.CO.UK] The US economy grew by less than previously estimated in the first quarter of the year, the Commerce Department has said.
Gross domestic product - which measures annual economic output - grew at an annualised pace of 1.8%, down from an earlier estimate of a 2.4% rise.
Weak business investment, a slowdown in consumer spending and falling exports led to the downward revision.
In the final quarter of 2012, the annualised growth rate had been 0.4%.
The revised figure surprised analysts, who had expected it to remain unchanged at 2.4%.
US stocks rose as analysts said the revised figures could alter the Federal Reserve's intention to slow down its $85bn-a-month bond purchases, which was based on its anticipation that the economy will strengthen. |