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U.S. GDP revised down to 1.8 percent

  • 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%.

    Tagged as: U.S. GDP, US economy, U.S. GDP revised down, business news