💼intro to business review

Recession

Written by the Fiveable Content Team • Last updated September 2025
Written by the Fiveable Content Team • Last updated September 2025

Definition

A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, typically visible in real GDP, real income, employment, industrial production, and wholesale-retail sales. It is officially recognized after two consecutive quarters of economic decline as reflected by GDP.

"Recession" also found in: