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You are here News Economy Government shutdown costs the economy $11 billion, significantly dings Q1 GDP growth, CBO estimates

Government shutdown costs the economy $11 billion, significantly dings Q1 GDP growth, CBO estimates

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CBOThe 35-day government shutdown wiped out $11 billion in economic activity, most of which will be recouped, but the episode will noticeably reduce economic growth in the first quarter, the Congressional Budget Office said Monday.

The shutdown, the longest in U.S. history, reduced the nation’s gross domestic product by $3 billion in the fourth quarter of 2018 and $8 billion in the current quarter, CBO estimates. As a result, inflation-adjusted GDP growth will be an annualized 0.2 percentage points lower in the fourth quarter and 0.4 percentage points lower in the first quarter, CBO said.

Many economists now estimate the economy grew about 2.5 percent at an annual rate in the fourth quarter and will expand at about a 2 percent pace in the current quarter.

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