31 May 2013

US economic growth revised down slightly

1:35 pm on 31 May 2013

The US economy grew at an annualised rate of 2.4% in the first three months of the year, figures from the Commerce Department show.

The figure is slightly lower than the 2.5% originally forecast.

Consumer spending was stronger than first thought, but businesses bought less and some government spending cuts were deeper than previously estimated, the BBC reports.

Economists widely expect growth to slow again in the next three months.

The annualised growth figure describes how much the economy would grow by if the growth seen in the quarter was maintained across the year.

The latest rate of growth is the strongest since the end of 2011, and much higher than the 0.4% annualised rate recorded in the last quarter of 2012.