WASHINGTON — The nation's gross domestic product grew 2.8% during the first quarter, down from the initial estimate of 3.3%, the Commerce Department reported today.
The revision to the figure–which is the total output of goods and services –was a result of fewer consumer purchases than the department originally estimated.
The department attributes the GDP growth to increases in exports and accelerated consumer and government spending. Some of the consumer spending was fueled by the government's economic stimulus checks, most of which were sent out by the government during the second quarter.
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