Statistical Terms

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Definition	The phenomenon of growth with a repeated rise and fall of the overall economic activity centered around the long-term growth trend of the economy
Commentary	Even though there are several methods available in identifying the phases of business cycle, often times, it is dichotomically defined in terms of periods of expansion (growing economy from trough of the cycle to the peak) or contraction (recession from peak of the cycle to the trough). In relation to expansion and contraction periods of business, the period from a trough to a next trough or a peak to a next peak is referred to as a cycle. The difference between values at peak and trough, which indicates the intensity of the cycle, is referred to as an amplitude.
Source	KOSTAT (Composite Indexes of Business Indicators)