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

18.11.2016 12:12 603

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. 

“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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