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Underground transactions account for quarter of Ukraine's GDP, - National Bank

Source : 112 Ukraine

The part of these transactions amounts to 34,6 billion dollars
20:09, 17 February 2020

Open source

Underground transactions account for one-fourth of Ukraine's official GDP, or 34,6 billion dollars. These are the results of Ernst & Young's study of Ukraine's shadow economy, according to the website of Ukraine’s National Bank (NBU).

According to it, 34,6 billion or 23.8% of official GDP for 2018 is in the shadow: 19.7% of GDP (28,7 billion dollars) is the cash shadow economy; 4.1% of GDP (5,9 billion dollars) is the domestic production of goods for its own final use, i.e. non-monetary shadow economy.

"The task of de-shadowing the economy continues to be relevant to Ukraine. Consolidating the efforts of business, the Ukrainian Government and the National Bank and all other interested state bodies is important in this area," the NBU Deputy Chairman Dmytro Solohub stated.

Related: Shadow alcohol market damages state budget up to $603,5 million per year, - official

As we reported earlier, Ukraine’s Minister of Economic Development, Trade and Agriculture Timofiy Mylovanov stated that the Ukrainian government aimed at increasing the country's GDP by 40% in the following five years.

"The main goal in the economic sphere is to provide citizens with legal work, with decent wages and to create conditions for successful own business. To this end, the government sets ambitious goals: to increase the country's GDP by 40% in five years, to create more than one million jobs and to attract 50 billion dollars in foreign direct investments," he said.

Related: Ukrainian govt aims to increase country's GDP by 40% in five years

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