16:17 12.07.2019

Level of shadow economy in 2018 down to 30% of GDP for first time in ten years – Economy ministry

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Level of shadow economy in 2018 down to 30% of GDP for first time in ten years – Economy ministry

The level of shadow economy in Ukraine in 2018 decreased by 2 percentage points (p.p.) compared to 2017, to 30% of the volume of official GDP, which is the lowest indicator since 2009, the Ministry of Economic Development and Trade has reported.

"All the methods used for assessment of the level of shadow economy showed a decrease compared to 2017," the document says.

According to the report, the highest level of shadow economy was traditionally revealed by the method "population expenditures - retail turnover" at 46% of GDP, which is 2 p.p. lower compared to 2017.

Electric and monetary methods showed a decrease in the level of shadow economy by 1 percentage point each, to 27% and 23% of GDP respectively.

The level of shadow economy according to the method of loss-making enterprises fell to 18% of GDP, which is 4 p.p. less than in the same period of 2017.

In terms of sectors, the highest level of shadow last year was recorded in the sector of financial and insurance activities at 40% of the gross value added of the industry, which, however, 10 percentage points better than the 2017 figure. In the mining industry, according to the ministry's estimates, the level of shadow economy declined by 8 percentage points, in trade by 5 percentage points, and in real estate transactions by 4 percentage points.

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