Grey economy in Bulgaria amounts to 31.2% of country’s GDP
Grey economy in Bulgaria is expected to reach EUR 12.9 billion in 2013, which stands for 31.2% of the forecasted GDP of this country, shows data from the research entitled “Grey economy in Europe 2013-electronic payments as means of coping with the grey economy”, made by Professor Friedrich Schneider from the Economics department at the Johannes Kepler University in Linz (Austria) and the international consulting company A.T. Kearney.
According to the research, Bulgaria tops the rankings among all 31 European countries included in the survey with regard to highest share of grey economy in the total gross domestic product. The grey economy in Europe amounts to EUR 2.1 trillion which stands for 18.5% of the European GDP and is due to the undeclared cash payments of salaries and the incomplete accounting of revenues declared by the business.
Adapted from: Bulgarian National Radio