A significant, pervasive, and protracted decline in economic activity is referred to as a recession. According to a common rule of thumb, a recession is defined as two consecutive quarters of declining gross domestic product (GDP).
According to the NBER, a recession is a time between a business cycle peak and trough when there is a considerable drop in economic activity across the board and it can last anywhere from a few months to more than a year.
Recessions are described as "a considerable fall in economic activity spread across the market, lasting more than a few months, generally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales" in the United States. A similar definition has been adopted by the European Union.
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