Spanish Business Cycle Dating Committee – Spanish Economic Association

Spain Business Cycle Expansions and Contractions

Contractions (recessions) start at the peak of a business cycle and end at the trough

Peak	Trough	Length of Recession	Length of Expansion	Explanation
1974Q4	1975Q2	2 quarters	13 quarters	The Oil recessions
1978Q3	1979Q2	3 quarters	51 quarters
1992Q1	1993Q3	6 quarters	59 quarters	The European Crisis
2008Q2	2009Q4	6 quarters	4 quarters	The Double Recession
2010Q4	2013Q2	12 quarters	27 quarters
2019Q4	2020Q2	2 quarters	-	The COVID-19 recession peak The COVID-19 recession trough

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El indicador CF combina información de varias series económicas para extraer el nivel de actividad económica cíclica subyacente en tiempo real