This article gives the timeline of the Great Recession, which hit many developed economies in the due to the 2008 financial crisis.

Note: The date indicated is that of the official announcement by the department or the public agency in charge of the measurement of the economic activity of the country. Thus, because of possible lags in the collection of statistics, it is possible that the chronological order of reports may not correspond to the actual order of events in recession.

Definition of recession A recession is a period of two quarters of negative GDP growth. The countries listed are those that officially announced that they were in recession.

It is worth noting that some developed countries such as South Korea and Australia did not enter recession (indeed Australia contracted for the last quarter of 2008 only to grow 1% for the first half of 2009). Poland, then considered to be an emerging market country, also avoided the recession as a result of their strong domestic market, low private debt and flexible currency.

Timeline overview The table below displays all national recessions appearing in 2006–2013 (for the 71 countries with available data), according to the common recession definition, saying that a recession occurred whenever seasonally adjusted real GDP contracts quarter on quarter, through minimum two consecutive quarters. Only 11 out of the 71 listed countries with quarterly GDP data (Poland, Slovakia, Moldova, India, China, South Korea, Indonesia, Australia, Uruguay, Colombia and Bolivia) escaped a recession in this time period.

The few recessions appearing early in 2006–07 are commonly never associated to be part of the Great Recession, which is illustrated by the fact that only two countries (Iceland and Jamaica) were in recession in Q4 2007.

One year before the maximum, in Q1 2008, only six countries were in recession (Iceland, Sweden, Finland, Ireland, Portugal and New Zealand). The number of countries in recession was 25 in Q2 2008, 39 in Q3 2008 and 53 in Q4 2008. At the steepest part of the Great Recession in Q1 2009, a total of 59 out of 71 countries were simultaneously in recession. The number of countries in recession was 37 in Q2 2009, 13 in Q3 2009 and 11 in Q4 2009. One year after the maximum, in Q1 2010, only seven countries were in recession (Greece, Croatia, Romania, Iceland, Jamaica, Venezuela and Belize).

The recession data for the overall G20 zone (representing 85% of all GWP), depict that the Great Recession existed as a global recession throughout Q3 2008 until Q1 2009.

Subsequent follow-up recessions in 2010–2013 were confined to Belize, El Salvador, Paraguay, Jamaica, Japan, Taiwan, New Zealand and 24 out of 50 European countries (including Greece). As of October 2014, only five out of the 71 countries with available quarterly data (Cyprus, Italy, Croatia, Belize and El Salvador), were still in ongoing recessions. The many follow-up recessions hitting the European countries, are commonly referred to as being direct repercussions of the European debt crisis.

Country Recession period(s) during 2006–2017(measured by quarter-on-quarter changes of seasonally adjusted real GDP, as per the latest revised Q3 2013 data from 10 January 2014)Albania2007 Q1Q1 2007 until Q2 2007 (6 months)Q3 2009 until Q4 2009 (6 months)Q4 2011 until Q1 2012 (6 months)Argentina2008 Q4Q4 2008 until Q2 2009 (9 months)Q1 2012 until Q2 2012 (6 months)Q3 2013 until Q3 2014 (12 months) Q3 2015 until Q3 2016 (15 months)AustraliaNoneAustria2008 Q2Q2 2008 until Q2 2009 (15 months)Q3 2011 until Q4 2011 (6 months)Belgium2008 Q3Q3 2008 until Q1 2009 (9 months)Q2 2012 until Q1 2013 (12 months)Belize2006 Q1Q1 2006 until Q2 2006 (6 months)Q1 2007 until Q3 2007 (9 months)Q4 2008 until Q1 2009 (6 months)Q4 2009 until Q1 2010 (6 months)Q1 2011 until Q2 2011 (6 months)Q2 2013 until Q1 2017 (48 months)Bolivia NoneBrazil2008 Q4Q4 2008 until Q1 2009 (6 months)Q1 2014 until Q4 2016 (36 months)Bulgaria2009 Q1Q1 2009 until Q2 2009 (6 months)Canada2008 Q4Q4 2008 until Q2 2009 (9 months)Chile2008 Q2Q2 2008 until Q1 2009 (12 months)ChinaNoneColombiaNoneCosta Rica2008 Q2Q2 2008 until Q1 2009 (12 months)Croatia2008 Q3Q3 2008 until Q2 2010 (24 months)Q3 2011 until Q4 2012 (18 months)Q2 2013 until Q2 2014 (15 months)Cyprus2009 Q1Q1 2009 until Q4 2009 (12 months)Q3 2011 until Q4 2014 (42 months)Czech Republic2008 Q4Q4 2008 until Q2 2009 (9 months)Q4 2011 until Q1 2013 (18 months)Denmark2008 Q3Q3 2008 until Q2 2009 (12 months)Q3 2011 until Q4 2011 (6 months)Q4 2012 until Q1 2013 (6 months)Ecuador2006 Q4Q4 2006 until Q1 2007 (6 months)Q1 2009 until Q3 2009 (9 months)El Salvador2008 Q3Q3 2008 until Q2 2009 (12 months)Estonia2008 Q3Q3 2008 until Q3 2009 (15 months)Q1 2013 until Q2 2013 (6 months)EU (28 member states)2008 Q2Q2 2008 until Q2 2009 (15 months)Q4 2011 until Q2 2012 (9 months)Q4 2012 until Q1 2013 (6 months)Eurozone (17 member states)2008 Q2Q2 2008 until Q2 2009 (15 months)Q4 2011 until Q1 2013 (18 months)Finland2008 Q1Q1 2008 until Q2 2009 (18 months)Q2 2012 until Q1 2015 (36 months)France2008 Q2Q2 2008 until Q2 2009 (15 months)Q4 2012 until Q1 2013 (6 months)G20 (43 member states, PPP-weighted GDP)2008 Q3Q3 2008 until Q1 2009 (9 months)Germany2008 Q2Q2 2008 until Q1 2009 (12 months)Greece2008 Q3Q3 2008 until Q2 2014 (63 months)Q1 2015 until Q1 2017 (27 months)Hong Kong2008 Q2Q2 2008 until Q1 2009 (12 months) Hungary2007 Q1Q1 2007 until Q2 2007 (6 months)Q2 2008 until Q3 2009 (18 months)Q2 2011 until Q3 2011 (6 months)Q1 2012 until Q4 2012 (12 months) Iceland2007 Q4Q4 2007 until Q2 2008 (9 months)Q4 2008 until Q1 2009 (6 months)Q3 2009 until Q2 2010 (12 months) IndiaNoneIndonesiaNoneIreland2007 Q2Q2 2007 until Q3 2007 (6 months)Q1 2008 until Q4 2009 (24 months)Q3 2011 until Q2 2013 (24 months)Israel2008 Q4Q4 2008 until Q1 2009 (6 months) Italy2007 Q3Q3 2007 until Q4 2007 (6 months)Q2 2008 until Q2 2009 (15 months)Q3 2011 until Q3 2013 (27 months)Q1 2014 until Q4 2014 (12 months)Jamaica2007 Q3Q3 2007 until Q4 2007 (6 months)Q3 2008 until Q1 2009 (9 months)Q4 2009 until Q2 2010 (9 months)Q4 2011 until Q1 2012 (6 months)Q4 2012 until Q1 2013 (6 months)Japan2008 Q2Q2 2008 until Q1 2009 (12 months)Q4 2010 until Q2 2011 (9 months)Q2 2012 until Q3 2012 (6 months)Kazakhstan2008 Q3Q3 2008 until Q1 2009 (9 months)Latvia2008 Q2Q1 2008 until Q3 2009 (18 months)Q1 2010 until Q2 2010 (12 months) Lithuania2008 Q3Q3 2008 until Q2 2009 (12 months) Luxembourg2008 Q2Q2 2008 until Q1 2009 (12 months) Republic of Macedonia2009 Q1Q1 2009 until Q3 2009 (9 months)Q1 2012 until Q2 2012 (6 months)(not qoq-data, but quarters compared with same quarter of last year)Q1 2012 until Q2 2012 (6 months)Malaysia2008 Q3Q3 2008 until Q1 2009 (9 months)Malta2008 Q4Q4 2008 until Q1 2009 (6 months)Mexico2008 Q3Q3 2008 until Q2 2009 (12 months) MoldovaNoneNetherlands2008 Q2Q2 2008 until Q2 2009 (15 months)Q2 2011 until Q1 2012 (12 months)Q3 2012 until Q2 2013 (12 months)New Zealand2008 Q1Q1 2008 until Q2 2009 (18 months)Q3 2010 until Q4 2010 (6 months)Norway2009 Q1Q1 2009 until Q2 2009 (6 months)Q2 2010 until Q3 2010 (6 months)Q1 2011 until Q2 2011 (6 months)OECD (34 member states, PPP-weighted GDP)2008 Q2Q2 2008 until Q1 2009 (12 months)Paraguay2008 Q3Q3 2008 until Q1 2009 (9 months)Q2 2011 until Q3 2011 (6 months)Peru2008 Q4Q4 2008 until Q2 2009 (9 months)Philippines2008 Q4Q4 2008 until Q1 2009 (6 months)PolandNonePortugal2007 Q2Q2 2007 until Q3 2007 (6 months)Q1 2008 until Q1 2009 (15 months)Q4 2010 until Q1 2013 (30 months) Romania2008 Q4Q4 2008 until Q2 2009 (9 months)Q4 2009 until Q1 2010 (6 months)Q4 2011 until Q1 2012 (6 months) Russia2008 Q3Q3 2008 until Q2 2009 (12 months)Q4 2014 until Q4 2016 (27 months)Serbia2008 Q2Q2 2008 until Q2 2009 (15 months)Q2 2011 until Q1 2012 (12 months)Q3 2012 until Q4 2012 (6 months)Singapore2008 Q2Q2 2008 until Q1 2009 (12 months) SlovakiaNoneSlovenia2008 Q3Q3 2008 until Q2 2009 (12 months)Q3 2011 until Q4 2013 (24 months)South Africa2008 Q4Q4 2008 until Q2 2009 (9 months) South KoreaNoneSpain2008 Q2Q2 2008 until Q4 2009 (21 months)Q2 2011 until Q2 2013 (27 months)Sweden2008 Q1Q1 2008 until Q1 2009 (15 months)Switzerland2008 Q4Q4 2008 until Q2 2009 (9 months)Taiwan2008 Q2Q2 2008 until Q1 2009 (12 months)Q3 2011 until Q4 2011 (6 months)Thailand2008 Q4Q4 2008 until Q1 2009 (6 months)Turkey2008 Q2Q2 2008 until Q1 2009 (12 months)Ukraine2008 Q2Q2 2008 until Q1 2009 (12 months)Q3 2012 until Q4 2012 (6 months)United Kingdom2008 Q2Q2 2008 until Q2 2009 (15 months)United States2008 Q3Q3 2008 until Q2 2009 (12 months)UruguayNoneVenezuela2009 Q1Q1 2009 until Q1 2010 (15 months)

2008

July July 1, 2008: Denmark Denmark becomes the first European economy to confirm it is in recession since the global credit crunch began. Its GDP shrinks 0.6% in the first quarter after a 0.2% contraction in the fourth quarter of 2007.

August August 13, 2008: Estonia The Baltic state slides into recession with a 0.9% fall in second-quarter GDP after a drop of 0.5% in the first quarter. It falls deeper into recession in the third quarter when the economy contracted 3.3%.

September September 8, 2008: Latvia Latvia joins its northern neighbor Estonia in recession as GDP falls 0.2% in the second quarter from the first quarter, when it fell 0.3%. Property markets and construction have suffered in both Baltic states.

September 25, 2008: Ireland The "Celtic Tiger" slides into recession for the first time in over two decades, recording a 0.5% fall in second quarter GDP, following a 0.3% decline in the first quarter. Its last recession in 1983 saw thousands of people leave Ireland to seek work overseas.

October October 10, 2008: Singapore First Asian country to slip into a recession since the credit crisis began. Singapore's export-dependent economy shrank an annualized 6.3% in the third quarter after a revised 5.7% contraction in the second quarter; its first recession since 2002. Growth has faltered in Singapore as a result of less demand for exports, a reduction in tourism, and the end of the real-estate boom. Singapore's manufacturing sector had declined 4.9% in the previous quarter.

October 24, 2008: Iceland Iceland receives a £1.3 billion (US$2.06 billion, €1.63 billion) bailout package from the International Monetary Fund as the first European country to require an emergency loan with the aim of stabilising the collapsed currency and strengthening the tax system as well as the nationalised banks.

October 27, 2008: Australia BNP Paribas stated that Australia is in a risky position with regards to the 2008 financial crisis as foreign liabilities accounted for 60% of the nation's GDP.

October 28, 2008 United Kingdom 500,000 mortgage holders are left in negative equity after house prices dropped 15% since the previous summer, with another 700,000 mortgage holders facing the same risk if prices continue to fall.

November November 13, 2008: Germany Europe's largest economy contracted by 0.5% in the third quarter after GDP fell 0.4% in the second quarter, putting it in recession for the first time in five years.

November 13, 2008: Indonesia, Malaysia, Thailand, The Philippines Equity research by Deutsche Bank states that Indonesia, Malaysia, Thailand and the Philippines should not experience a recession, despite potential harm to economic growth from falling commodity prices and possible weaker exports.

November 14, 2008: Italy Italy plunges into recession, its first since the start of 2005, after GDP contracts a steeper-than-expected 0.5% in the third quarter. Second quarter GDP dropped 0.3%.

November 14, 2008: Hong Kong Hong Kong becomes the second Asian economy to tip into recession, its exports hit by weakening global demand. Third-quarter GDP drops a seasonally adjusted 0.5% after a 1.4% fall in the previous quarter.

November 14, 2008: Eurozone