Shadow economy in Greece is estimated at 21.5% of GDP and ranks higher compared to other Eurozone member states, such as Italy where it is estimated at 19.8%, according to a study by the German Institute for Applied Economic Research of the University of Tübingen.
This study concerns selected countries in different continents for the year 2017. Shadow economy in Spain is estimated at 17.2% of GDP, in Norway at 12.2%, in Great Britain at 9.4%, in Switzerland at 6% and in the US at 5.4% of GDP. Shadow economy involves goods and services paid in cash, which are not declared to tax authorities and thus are not included in the gross domestic product (GDP).
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