This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-23062369

The article has changed 5 times. There is an RSS feed of changes available.

Version 0 Version 1
US growth rate revised down to 1.8% US growth rate revised down to 1.8%
(35 minutes later)
The US economy grew by less than previously estimated in the first quarter of the year, the Commerce Department has said.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.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.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%.In the final quarter of 2012, the annualised growth rate had been 0.4%.
Tax impact
The revised figure surprised analysts, who had expected it to remain unchanged at 2.4%.
A breakdown showed that consumer spending, which accounts for three-quarters of US GDP, grew at a weaker pace of 2.6%, rather than the previously estimated 3.4%.
Exports, which were previously reported as having risen, actually shrank by 1.1%, due to the weak global economy. Imports also contracted by 0.4%.
The payroll tax increases introduced in January and concerns about government spending cuts are thought to have forced households and businesses to delay spending and investment.