US Gross Domestic Product growth revised down slightly

The US economy grew at an annualised rate of 2.4% in the first three months of the year, figures from the Commerce Department show.

The figure is slightly slower than the 2.5% rate originally estimated for the quarter.

Consumer spending was stronger than first thought, but businesses bought less and some government spending cuts were deeper than previously estimated.

Economists widely expect growth to slow again in the next three months.

That is in part due to the expected impact of federal spending cuts, but also of the continuing weakness in the global economy.

On Wednesday, the Organisation for Economic Co-operation and Development (OECD) downgraded its forecasts for global growth to 3.1% this year and 4% in 2014.

In particular, major US trading partners such as the eurozone are predicted to remain in recession this year.