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Recital 6

Recital 6

(6)Even for economic indicators reported annually, the 12 months to which indicators relate are not necessarily the same in all cases. Some indicators relate to calendar years, others to financial years, others to tax years and so on. For the purpose of identifying economic downturns, it should therefore be possible, in the case of both economic indicators reported annually and indicators reported on a more frequent basis, to use 12-month periods that start at any point in time within the year.

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