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Shadow economy level reduces in Ukraine, 32% of GDP still in shadow

Source : 112 Ukraine

The dynamic of the de-shadowing is hampered by the issues, which negatively affect the economic development in general
15:56, 21 December 2018

112 Agency

In the first half of 2018 the level of the shadow economy made 32% from the official GDP, which is by three points less than that during the same period in 2017. The report of the Economy Ministry said that.

It was noted that the decrease of the level of shadowing of the Ukrainian economy was possible thanks to the reservation of macroeconomic stability, creation of favorable conditions for business in Ukraine and preservation of the tendency to the economic growth.

Related: Azov Crisis hits EU economy

At the same time, the dynamic of the de-shadowing is hampered by the issues, which negatively affect the economic development in general. In particular, these are challenges on the provision of stable functioning of the financial system and presence of territories beyond authorities’ control created during the armed aggression in Ukraine.

Earlier, according to the results of the first quarter of 2018, the level of the shadow economy in Ukraine was 33$ from the official GDP, and in 2012 the level made 45% from GDP.

Related: What will happen to economy of Ukraine after martial law introduction?

In June 2018, Ukraine’s Prime Minister Volodymyr Groysman stated that 1.2 – 1.8 billion U.S. dollars remain in the shadow. The Government expected to take 3.6 billion U.S. dollars out of the shadow.  

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