In the definition used by official statistics and central banks, a decline in the gross domestic product over a period of two quarters. In the parlance of financial journalists and also the general public, at the latest since the subprime crisis in 2007, any decline in economic indicators such as new orders, stock market prices, employment, consumption, investment or exports, or also in relation to individual sectors, such as the automotive industry. – See downturn, business cycle diagnosis, short-term statistics, crisis foreshadowing, debt ratio, private, cyclical. – Cf. ECB Monthly Bulletin of April 2009, pp. 56 ff. (comparison of recessions since 1974; impact on individual sectors; overviews), ECB Monthly Bulletin of April 2009, pp. 10 ff. (presentation of different types of recessions in the U.S.A.; overviews, references), ECB Monthly Bulletin of November 2009, pp. 105 et seq. (recession in the euro area viewed historically; many overviews), ECB Monthly Bulletin of April 2010, pp. 48 et seq. (investment and capacity utilization in recession; overviews, pp. 51 et seq. Recovery from recession from a historical perspective; overviews), Deutsche Bundesbank Monthly Report of November 2012, pp. 12 ff. (Weight and influence of the euro area in the global economy).
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
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