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May 30, 2013 9:30 AM, EDT

First-Quarter GDP Lowered Slightly to 2.4% Annual Rate

The U.S. economy grew at a 2.4% annual rate in the first quarter, down slightly from a previous 2.5% estimate, the Commerce Department said Thursday.

The gross domestic product figure, which was weighed down by cutbacks in government spending and commercial construction, followed a 0.4% fourth-quarter increase.

Economists’ median forecast was for GDP to hold at its previously reported 2.5% rate, Bloomberg News reported. Thursday’s figure is the second of three to be issued by Commerce.

GDP measures the value of all goods and services produced.

Consumer spending, which makes up about 70% of the economy, rose by 3.4%, up from a previously reported 3.2%.