In determining the chronology of the euro area business cycle, the CEPR Committee adopted a definition of a recession similar to that used by the National Bureau of Economic Research (NBER), which has for many years dated the US business cycle.
The Committee had to adapt the NBER definition, however, to reflect specific features of the euro area.
Quarters of recession are indicated in grey, and quarters of expansion in white in the figure below.
The source spreadsheet of this chronology is available here.
For details of the data used by the Committee, click here.
Answers to some frequently asked questions can be found here.
Its main conclusion is that since the last trough in 2013Q1, the euro area has been recovering at a slow but steady pace.
This post-recession recovery is commensurate with that of the US recovery, considering it began later, after the double-dip European recession that followed the global financial crisis. Since then there have been five complete cyclical episodes (recession followed by expansion).
The euro area groups together a set of different countries.
See Methodology Does CEPR use a different approach to NBER?
See The CEPR and NBER Approaches What data does the Committee use?
the peak is not included in the recession shading, but the trough is).
US Business Cycle Expansions and Contractions Register for future Business Cycle announcements Statement of the NBER Business Cycle Dating Committee on the Determination of the Dates of Turning Points in the U.