37% of Ukrainian economy in shadow, - Ministry of Economic Development

Source : 112 Ukraine

In the first quarter of 2016, the level of shadow economy amounted to 43% of the GDP
18:31, 22 September 2017

According to the preliminary estimation of the Ministry of Economic Development, the level of the shadow economy in the first quarter of 2017 amounted to 37% of the GDP that is less in comparison to the same period of time of 2016. It is stated in the report of the Ministry of Economic Development and Trade.

The Ministry noted that the incensement of the level of unshadowing of the economy became possible due to the growth of the minimum wage, improvement of the business climate and maintenance of the trend to the economic growth. At the same time the low confidence to the authorities institutes, maintenance of the challenges of the financial stability of the country, annexation of Crimea and armed Donbas Conflict negatively influence the process of the unshadowing.

Related: Growth or illusion: How to assess Ukraine's economic policy?

According to the reported, the highest level of the shadow economy in the first quarter of 2017 is spotted in the financial and insurance activities, mining industry and real estate activities. At the same time, the level of the shadow economy is the lowest in the agricultural, fish and forest sectors.

Related: Ukraine’s economy grew by 2,3% in second quarter of 2017, - National Bank

Earlier it was reported that the level of the shadow economy amounted to 34% of the official GDP as at the end of 2016. The Ministry of Economic Development said that the shadow economy level was about 40% in 2015.

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