GDP Rose 1.8% in First Quarter

The U.S. economy rose at a 1.8% annual rate in the first quarter, the Commerce Department said Thursday, matching an earlier estimate.

The gross domestic product growth rate followed a 3.1% fourth-quarter pace and was below economists’ estimates of a 2.2% growth rate, Bloomberg reported.

Consumer spending, which accounts for about 70% of the economy, rose at a 2.2% rate, down from an initially reported 2.7% rate last month. The fourth-quarter rate of 4% was the highest since 2006.

Thursday’s GDP figure was the second of three to be released by Commerce.