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November 22, 2011 10:10 AM, EST

Third-Quarter GDP Rate Revised Down to 2%, from 2.5%

The U.S. economy rose at a 2% annual rate in the third quarter, down from a previously estimated 2.5%, the Commerce Department said Tuesday.

The gross domestic product growth rate followed a 1.3% gain in the second quarter.

Economists had forecast the 2.5% rate, which had been the fastest in a year, to hold without revision, Bloomberg reported.

Consumer spending, which accounts for about 70% of the economy, grew at a 2.3% rate, down slightly from the 2.4% originally estimated.

Tuesday’s third-quarter GDP figure was the second of three to be released by Commerce.