The US economy grew by less than previously estimated in the first quarter of the year, the Commerce Department has said.<\/p>\n
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.<\/p>\n
Weak business investment, a slowdown in consumer spending and falling exports led to the downward revision.<\/p>\n
In the final quarter of 2012, the annualised growth rate had been 0.4%.<\/p>\n
Tax impact
\n The revised figure surprised analysts, who had expected it to remain unchanged at 2.4%.<\/p>\n
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%.<\/p>\n
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%.<\/p>\n
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.<\/p>\n
\n source: http:\/\/www.bbc.co.uk\/<\/p>\n","protected":false},"excerpt":{"rendered":"
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