In the shadows is a third of the economy of Ukraine – Ministry of economic development
During January-September 2017 the level of the shadow economies in Ukraine 33% of GDP. This was 3% less than for the same period in 2016.
Such data are the Ministry of economic development and trade, UNIAN reports.
The Ministry noted that the legalization was the result of the strengthening trends of post-crisis stabilization of the economy, improvement in the expectations of business and population, the weakening of investment risks on the background of macro-economic stabilization and continuation of economic reform. It is noted that the de-shadowing constrained by low levels of trust in institutions of power, while maintaining significant challenges to the stability of the financial system and the existence of uncontrolled territories in the East.
In the context of types of economic activity a significant rate of shadowing was demonstrated in real estate transactions (up to 38% in January-September 2017 from 46% in January-September 2016), wholesale and retail trade (up 22% from 27%), processing industry (up to 27% from 34%), financial and insurance activities (up to 49% from 53%) and construction (up to 28% from 34%).
Earlier, the IMF report stated that in 1991, the shadow economy in Ukraine amounted to 38,96% of GDP in 2015 and 42.9%. The highest figure was recorded in 1998, 57%, and the lowest – in 2008 (38,96%). After the global financial crisis, the shadow economy of Ukraine began to grow and reached 42.9% of GDP in 2015. Average rate of Ukraine is 44.8% of GDP.
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