Under those fiscal conditions, which will occur under current law, growth in real (inflation-adjusted) GDP in calendar year 2013 will be just 0.5 percent, CBO expects—with the economy projected to contract at an annual rate of 1.3 percent in the first half of the year and expand at an annual rate of 2.3 percent in the second half.

Can someone explain this math to me? If you contract at a 1.3% pace in the first half and then expand by a 2.3% pace in the second half, don’t you end the year up by something over 1.1% overall? Rather than being up just 0.5%? What am I missing here?

OK, never mind, I can’t do math.

CBO | Economic Effects of Reducing the Fiscal Restraint That Is Scheduled to Occur in 2013