What is the difference between a recession and depression? – ABC News


reliable estimates put the economic collapse at the
beginning of the Depression in 1928-29 at 6.2 per cent … … the economy fell a further 9.7 per cent in 1929-30 and… another 2.1 per cent in 1930-31.

Economist Terry Rawnsley from SGS Economics and Planning said it was the
three years of constant, severe economic decline that marked out the Depression as unique.

…head of the Australian Bureau of Statistics, David Gruen made a similar observation “What turned a recession in the 1930s into the Great Depression was the continued collapse in economic output for the subsequent two years,….”

…The continued falls in economic activity saw unemployment surge from 4.2 per cent to a peak of almost 20 per cent, and then remain above 11 per
cent until the mid-1930s.

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