- A recession which lasts for more than two years (eight quarters)
- A decline in GDP of more than 10%
GDP in Q4 2009 was 12.3% lower than the equivalent GDP figure in Q4 2007. (€47.885 billion versus €41.913 billion). If we were to look at GNP figures the outcome is even bleaker – a drop of 16.7%.
Here we can see when we entered recession and when we entered depression. Click to enlarge.
The trend in both GDP and GNP is still down. If a depression is worse than a recession, what’s worse than a depression? Tweet