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June 25, 2010 9:00 AM, EDT

First-Quarter GDP Expansion Lowered to 2.7%

The gross domestic product growth rate for the first quarter was revised down for a second time Friday, to an rate of 2.7%, the Commerce Department said Friday.

The third and final GDP reading followed earlier reports of 3.2% released two months ago and 3% last month, Commerce said.

 The increase followed a 3.6% annual-rate increase in GDP in the fourth quarter.

The GDP gain was below economists’ forecasts of a 3% increase, Bloomberg reported.

Consumer spending, which accounts for about 70% of the economy, rose at a 3% pace, down from last month’s 3.5% estimate.