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Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
In a recession, the point of the most negative GDP growth that immediately precedes the beginning of recovery. In other words, it is the lowest point in a business cycle. The term comes from charting, in which the x-axis represents time and the y-axis represents GDP growth. In this situation, the low point of a business cycle looks like a trough or pit. A trough is also called a valley. See also: Peak.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
troughsee BUSINESS CYCLE.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005