An economic depression can be characterized with unemployment rates jumping dramatically (typically into double digits), GDP taking a dive (10% or more), bank lending drying up, high levels of corporate bankrupcies, and an overall tightening of all trade and consumption
The gross national product comprises the total market value of all goods and services produced by an economy during a specific period of time, usually one year. Often abbreviated as GNP, the gross national product is a leading indicator of the condition of the economy in question.
