The source spreadsheet of this chronology is available here.
Note: CEPR Recession shading for quarters follows the trough method used by FRED to compute NBER Recession Inndicators for the United States (see here).
Zones aggregates of the CLIs and the reference series are calculated as weighted averages of the corresponding zone member series (i.e. Up to December 2008 the turning points chronologies shown for regional/zone area aggregates or individual countries are determined by the rules established by the National Bureau of Economic Research (NBER) in the United States, which have been formalized and incorporated in a computer routine (Bry and Boschan) and included in the Phase-Average Trend (PAT) de-trending procedure.
Starting from December 2008 the turning point detection algorithm is decoupled from the de-trending procedure, and is a simplified version of the original Bry and Boschan routine.
This post-recession recovery is commensurate with that of the US recovery, considering it began later, after the double-dip European recession that followed the global financial crisis. Since then there have been five complete cyclical episodes (recession followed by expansion).