Economy 2020-03-15T04:03:23+02:00
Ukrainian news
Shadow Economy Amounts To UAH 846 Billion Or 23.8% Of GDP – Ernst & Young Research

Shadow Economy Amounts To UAH 846 Billion Or 23.8% Of GDP – Ernst & Young Research

GDP, shadow economy

The shadow economy amounts to UAH 846 billion or a quarter of Ukraine’s official GDP.

The National Bank of Ukraine announced this in a statement, citing a study conducted by the Ernst & Young company, the Ukrainian News Agency reports.

These are the initial results of a study of the state of the shadow economy in Ukraine, which Ernst & Young conducted with the support of MasterCard within the framework of a memorandum of cooperation with the Ukrainian Ministry of Economic Development, Trade, and Agriculture, the National Bank of Ukraine, and the State Statistics Service.

According to the study, the shadow economy amounted to UAH 846 billion or 23.8% of Ukraine’s official GDP in 2018, of which 19.7% of the GDP (UAH 702 billion) is the cash shadow economy, 4.1% of the GDP (UAH 144 billion) is domestic production of goods for local use, i.e. the non-monetary shadow economy.

As Ukrainian News Agency earlier reported, according to the Ministry of Economy, the size of the shadow economy fell by 2 percentage points to 30% in 2018, the lowest since 2009.

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