Although there is no general consensus on the number and denomination of phases, it can be said that these are: recession, depression, recovery and boom.
There are two economic key variables used to determinate a phase which are:
GDP: Is the value of the final goods, the result of multiplying the quantity produced by the price.
Inflation: Is a macroeconomic variable that indicates the generalized increase in prices, both on goods and services, in a given period of time, usually one year.