GAO Glossary of Terms and Definitions (September 2005)

Recession

(Economics Term)

A pervasive, substantial decline in overall business activity that is of at least several months’ duration. The National Bureau of Economic Research identifies recessions on the basis of several indicators. As a rule of thumb, recessions are commonly identified by a decline in real GDP for at least two consecutive quarters.

[PAGE 83]

Previous: Receipts

Next:  Reconciliation