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Buckle up! Economists turn negative on GDP growth

The economy likely contracted during the first quarter, according to a CNBC and Moody's Analytics poll of economists. This marks a reversal from earlier estimates for GDP growth.

The six economists polled expect U.S. gross domestic product growth to have shrunk by 0.1 percent during the quarter. The estimates range from a drop of 0.4 percent to a 0.1 percent rise.

The report follows a Commerce Department report Wednesday showing the U.S. economy barely grew in the first quarter as exports tumbled amid unusually harsh winter weather.

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The group expect growth to rebound during the second quarter to 3.4 percent.

The estimates mark a sharp reversal from CNBC's last poll of economists, when they expected GDP growth to increase by 1.5 percent in Q1.

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