WASHINGTON—The BP oil spill has hammered the fishing and tourism industries along the Gulf of Mexico. But it appears the economic damage to the rest of the nation will be limited.
Analysts say the spill will reduce economic growth by only about one-half of 1 percentage point this quarter, and even less during the second half of the year. Even for an economy as large as the United States' — $14.6 trillion — a $73 billion cut is barely a nick.
Here's why:
— Spending on tourism is moving elsewhere. Beachgoers who might have headed for Pensacola, Fla., for example, are looking toward Atlantic coast sites such as Myrtle Beach, S.C. Gulf hotel rooms going unused by tourists are being booked by cleanup crews.
Read the complete story at The Boston Globe.