Share of Ukraine’s shadow economy declines to 31% of GDP in 2017 – Economic Development Ministry

Share of Ukraine’s shadow economy declines to 31% of GDP in 2017 – Economic Development Ministry

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Ukrinform
The share of Ukraine’s shadow economy in 2017 totaled 31% of official GDP, which is four percentage points less compared to the figures of 2016.

This is reported by the press service of the Economic Development and Trade Ministry.

“According to the Economic Development Ministry, the share of [Ukraine’s] shadow economy in 2017 totaled 31% of official GDP, which is four percentage points less compared to the figures of 2016,” reads the report.

The ministry notes that the de-shadowing of the Ukrainian economy became possible due to maintaining relative macro-financial stability in the context of implementing the policy aimed at increasing domestic demand and diversifying the markets for Ukrainian producers. Also, it became possible due to maintaining a high level of business activity in the conditions of better expectations of Ukrainian reforms in the world and reducing investment risks under the relative macro-financial stabilization and the continuation of the processes of reforming the economy.

At the same time, the dynamics of de-shadowing is restrained by unresolved issues, which adversely affect the development of the country's economy as a whole. In particular, this is low confidence in the institutions of power; significant challenges to the stability of the country's financial system; the presence of government uncontrolled territories formed in the course of military aggression in the country.

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