April 24, 2018
The Congressional Budget Office’s budget and economic outlook released this month projects that real Gross Domestic Product will grow by 3.3 percent from the fourth quarter of 2017 to the fourth quarter of 2018.
That would mark a 15-year high.
“In CBO’s projections, real GDP expands by 3.3 percent this year and by 2.4 percent in 2019,” says the CBO report. “It grew by 2.6 percent last year.”
The last time real GDP grew by more than 3.3 percent from the fourth quarter of one year to the fourth quarter of the next was in 2003, when it grew by 4.4 percent, according to the historical data published by the Bureau of Economic Analysis.
“In our economic projections which underlie our budget projections, inflation-adjusted GDP–or real GDP–expands by 3.3 percent this year, and by 2.4 percent in 2019,” CBO Director Keith Hall told the House Budget Committee in testimony on April 12.
“Most of this growth is driven by consumer spending and business investment, but federal spending also contributes a significant amount this year,” he said.
- A d v e r t i s e m e n t
Hall testified that the tax law signed by President Donald Trump at the end of last year is stimulating economic growth.
This article was posted: Tuesday, April 24, 2018 at 8:09 am