Chronology of Euro Area Business Cycles

 

The Committee has identified the peak and trough quarters since 1970:

Date Peak / Trough Announcement Date
2013 Q1 Trough 1 October 2015
2011 Q3 Peak 15 November 2012
2009 Q2 Trough 4 October 2010
2008 Q1 Peak 31 March 2009
1993 Q3 Trough 22 September 2003
1992 Q1 Peak 22 September 2003
1982 Q3 Trough 22 September 2003
1980 Q1 Peak 22 September 2003
1975 Q1 Trough 22 September 2003
1974 Q3 Peak 22 September 2003

 

Therefore, the Euro Area expanded until 1974. Since then there have been five complete cyclical episodes (recession followed by expansion).