However, CBO expects $8 billion to be recovered as the government reopens and employees receive back pay.
But it suggests that businesses were beginning to postpone investments and hirings as a result of the shutdown and warned that the risks were becoming "increasingly significant" as the impasse continued, according to CNBC.
President Donald Trump on Friday agreed to legislation reopening the government, ending the partial shutdown that began December 22, when he and congressional Democrats clashed over the president's demand to build a wall along the Mexican border.
A federal worker stands with a placard reading "Will Work For Pay" as other federal employees stage a rally to call for a vote on the shutdown on Capitol Hill in Washington, Jan. 23, 2019.
A new government report says that the us budget deficit is set to hit $897 billion this year and predicts that economic growth will slow as the effects of President Donald Trump's tax cut on business investment begin to drop off.
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Overall, the USA economy lost about $11 billion during the five-week period, CBO said. "Some of those private-sector entities will never recoup that lost income".
While some said Trump caved by reopening the government with no border wall funding (conservative commentator Ann Coulter described Trump as a "wimp"), he insisted that the deal was "in no way a concession".
The longest shutdown in USA history ended on Friday when Trump and Congress agreed to temporary government funding - without money for his wall - as the effects of the shutdown intensified across the country.
Federal workers are expected to get paid this week for the five weeks of missed paychecks.
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Some shutdown costs, however, are harder to quantify, the office said.
Furloughed workers wait in line to receive food and supplies in Washington, on January 22. Federal contractors and businesses that relied on federal workers' business, however, face huge losses, although some lawmakers are pushing legislation to pay contractors back as well.
Not only will compensation be affected, but so will tax revenues, CBO predicts.
The report, which was released Monday, estimated a hit of $3 billion, or 0.1 percent, to economic activity during the fourth quarter of 2018.
The nonpartisan CBO calculated that the shutdown caused a federal discretionary spending to drop $18 billion in a little over a month.
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Last month, he put that number at 35 million, while on Sunday he pegged it at 25.7 million-plus - figures offered without evidence.