recession

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A decline in economic activity for a continued period of time, usually 6 months, due to imbalances among production, wages, interest rates, inflation and trade.

A recession is a reduction of gross domestic product (GDP).

Production, national income and wealth fall and therefore purchasing power is lost. More specifically, in technical terms, it is considered a recession when gdp decreases during two consecutive quarters. We must differentiate depression from recession because terms are sometimes confused.