U.S. GDP revised down to 1.8 percent
June 27 , 2013
The US economy grew less than previous estimates in the first quarter of the year, according to the Commerce Department on Wednesday.
GDP sat at annualized rate of 1.8%, down from earlier estimates of a 2.4% rise.
The revision comes on the back of weaker business investment, a drop in consumer spending and lower exports.
In the final quarter of 2012, the annualized growth rate was 0.4%.