June 26, 2013 10:30 AM, EDT

First-Quarter GDP Revised Down to 1.8%

The U.S. gross domestic product was revised down to a 1.8% annual growth rate in the first quarter from a previous 2.4% estimate, the Commerce Department said Wednesday.

The lower GDP figure — the third of three to be released by Commerce — was weighed down by slower consumer spending, which slipped to a 2.6% growth rate from a previous 3.4%.

Consumer spending makes up about 70% of the economy. GDP measures the value of all goods and services produced.

Economists had forecast GDP to hold at its previously reported 2.4% growth rate, Bloomberg News reported.