A country's economic output peaks in March, then declines significantly for the next eight months. In December, the output hits its lowest point. In January of the following year, the output begins to rise again, though it is still far below its previous peak from last March. According to the definition of a recession as a significant, widespread decline in economic activity, when did the recession end?

Analyzing Economic Conditions

A country's economy experiences a slight decline in output for two consecutive three-month periods. According to the definition of a recession as a 'significant decline in economic activity that is widespread and lasts for at least several months,' this country is definitively in a recession.

Identifying a Widespread Economic Decline