A period of general economic decline; specifically, a decline in GDP for two or more consecutive quarters.
A period during which economic activity, as measured by gross domestic product, declines for at least two quarters in a row in a specific country. If the decline is severe and long, such as greater than ten percent, it may be termed a depression.
usually defined as a contraction in the Gross National Product that lasts six months or longer. A recession might be marked by job layoffs and high unemployment, stagnant wages, and reductions in retail sales, and slowing of housing and car markets. A recession is much milder than a depression, and is often considered a normal part of the business cycle. The last recession experienced by the U.S. was in 1991 and 1992. Voter discontent with the economic recession was in part responsible for the defeat of George Bush in the presidential election of 1992.