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Economy Ministry: Ukrainian shadow economy declined to 38% of GDP

Economy Ministry: Ukrainian shadow economy declined to 38% of GDP
18 of November 2016 г.
The level of shadow economy in Ukraine in the first six months of 2016 decreased to 38% of official GDP, the press service of the Economic Development Ministry reports. - Ukrinform

“According to preliminary data of the Economic Development Ministry, the level of shadow economy in the first six months of 2016 totaled 38% of official GDP, which is by four per cent point less compared with the same period in 2015,” reads a report.

According to the ministry: the shadow economy in Ukraine declined due to some factors: relative macroeconomic stability; business climate improvement as a result of compliance with de-regulation policy and optimization of public sector of economy aimed at increasing its effectiveness; gradual resumption and development of new inter-branch connections in the economy and the establishment of de-shadowing processes in the labor market by reducing the unified social tax.


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