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CBO Projects: GDP Headed To 15-Year High

  

Category:  News & Politics

Via:  badfish-h-s-fsh  •  6 years ago  •  2 comments

CBO Projects: GDP Headed To 15-Year High

(CNSNews.com) - 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  

“Most of this growth is driven by consumer spending and business investment, but federal spending also contributes a significant amount this year,” he said.

Hall testified that the tax law signed by President Donald Trump at the end of last year is stimulating economic growth.

“In our projections, the effects of the 2017 Tax Act on incentives to work, save and invest, raise real potential GDP throughout the 2018 and 2028 period,” he told the committee. “Over the same period, the Tax Act is projected to boost the level of real GDP by an average of 0.7 percent and nonfarm payroll employment by an average of 1.1 million jobs.”

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https://www.cnsnews.com/news/article/terence-p-jeffrey/cbo-projects-gdp-headed-15-year-high


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