How did the 2008-2010 recession and recovery compare with previous cycles?

The question above is answered in a feature article in the January 2011 edition of Canadian Economic Observer, published by Statistics Canada.


The article states that the recent recession was less severe than those in 1981-82 and 1990-1992, by most conventional measures.

The early stages of the recent recession had significant impact however, because output and employment contracted at a faster rate than in any post-war recession.


Compared to other major industrialized countries, Canada's decline in output was less pronounced and the subsequent recovery was more complete and quicker.


The article also shows how Statistics Canada determines whether an economy is in recession.

A summary of the article may be found in the January 13, 2011 edition of The Daily, published by Statistics Canada.