recession
rɪˈsɛʃ(ə)n/Submit
noun
1.
a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
"the country is in the depths of a recession"
synonyms: economic decline, downturn, depression, slump, slowdown, trough, credit crunch, credit squeeze; More
How does a few building companies going bust equate to 2 successive quarters of falling GDP?