Phase | Time frame | Economic trend |
1 | June 2006-November 2007 | Expansion |
2 | December 2007-June 2009 | Recession |
3 | June2009-May2010 | Initial recovery |
4 | May 2010-July 2012 | Turmoil of Euro debt crisis |
5 | August 2012-March 2015 | Period of slow steady recovery |