|Peak||Valley||Length of recession||Length of Expansion||Explanation|
|1974Q4||1975Q2||3 Quarters||12 Quarters||The Oil recessions|
|1978Q3||1979Q2||4 Quarters||50 Quarters|
|1992Q1||1993Q3||7 Quarters||58 Quarters||The European crisis|
|2008Q2||2009Q4||7 Quarters||3 Quarters||The double recession|
Notes: Data on Quarterly National Accounts by the Instituto Nacional de Estadística (INE) available from 1970Q1. Data from 1995 based on the new 2010 base of the Spanish National Accounts, following SEC-2010. Peak and trough are included in the duration of the recession. Both are excluded from expansions.
Spanish Economic Association (2015), “CF Index of Economic Activity”, Spanish Business Cycle Dating Committee.
CF Activity Index
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