The phase of the business cycle when the economy moves from a trough to a peak. It is a period when business activity surges and gross domestic product expands until it reches a peak.
Also known as an "economy recovery"
An expansion is one of the basic business cycle phases. The other is contraction. The transition from expansion to contraction ir termed a "peak" and the changeover from contraction to expansion is a trough. Expansions last on average about three to four years but have been known to last anywhere from 12 months to more than 10 years. Much of the 60s was a time of expansion which lasted almost nine years.
Source: http://www.investopedia.com
