The Gross Domestic Product (GDP) determines whether we are in an economic slowdown, recession or a depression. The GDP is the total value of the goods and services produced over a designated period. An economy that is growing is expected to increase its GDP. An economic slowdown happens when the rate of growth (which is still positive) decreases. The traditional definition of a recession is when the GDP is negative for two quarters in a row. A depression is loosely defined as a severe recession.