Friday, October 10, 2008


What is a recession?

Wikipedia defines recession as: In economics, the term recession generally describes the reduction of a country's Gross Domestic Product (GDP) for at least two quarters. The usual dictionary definition is "a period of reduced economic activity".

The U.S.-based National Bureau of Economic Research (NBER) defines economic recession as: "a significant decline in [the] economic activity spread across the economy, lasting more than a few months, normally visible in real GDP growth, real personal income, employment (non-farm payrolls), industrial production, and wholesale-retail sales."