Economy 2024-04-15T05:14:45+03:00
Ukrainian news
Shadow Economy Level Up 2 pp To 32% Of GDP In 2021

Shadow Economy Level Up 2 pp To 32% Of GDP In 2021

Ukraine, Economy Ministry, shadow economy
HELP UKRAINIAN NEWS

The level of the shadow economy in 2021 increased by 2 percentage points compared to 2020 and amounted to 32% of GDP.

This is stated in the materials of the Ministry of Economy, Ukrainian News Agency reports.

A slight increase in the level of the shadow economy took place against the background of a "shock" increase in world prices for raw materials (energy and agricultural products), which prompted business entities to reduce the risks of losing limited resources in the face of increased production costs.

It is reported that the periodic quarantine restrictions of 2021, although restraining the development and recovery rates of most types of economic activity, no longer created significant obstacles.

2 out of 4 methods of assessing the level of the "shadow" recorded an increase in the level of the shadow economy during the specified period: the electrical method - by 3 percentage points to 27% of GDP, the monetary method - by 2 percentage points to 33% of GDP.

The increase in the level of "shadow" according to the electrical method was maintained at the level of increased demand for energy resources in conditions of increased activity, mainly by metallurgical and machine-building enterprises.

The Ministry of Economy reports that in order to create favorable conditions and strengthen the foundations of the institutional environment in Ukraine, systemic factors must be overcome, which include the low level of protection of property rights and liquidity of the stock market, protection of investors' rights, along with the insufficient ability of the regulator to counteract market abuse, and the imperfection of the judicial system countries and a high level of corruption.

As Ukrainian News Agency earlier reported, in 2020, the level of the shadow economy increased by 3 percentage points to 30%.

The level of the shadow economy in Ukraine in January-September 2021 decreased by 1 percentage point to 31% of official GDP.

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