Underground transactions account for quarter of Ukraine's GDP. Bank.

Open source

Underground transactions account for one-fourth of Ukraine's official GDP, or 34,6 billion dollars. These are the results of Ernst & Young's study of Ukraine's shadow economy, according to the website of Ukraine’s National Bank (NBU).

According to it, 34,6 billion or 23.8% of official GDP for 2018 is in the shadow: 19.7% of GDP (28,7 billion dollars) is the cash shadow economy; 4.1% of GDP (5,9 billion dollars) is the domestic production of goods for its own final use, i.e. non-monetary shadow economy.

"The task of de-shadowing the economy continues to be relevant to Ukraine. Consolidating the efforts of business, the Ukrainian Government and the National Bank and all other interested state bodies is important in this area," the NBU Deputy Chairman Dmytro Solohub stated.

Related: Shadow alcohol market damages state budget up to $603,5 million per year, - official

As we reported earlier, Ukraine’s Minister of Economic Development, Trade and Agriculture Timofiy Mylovanov stated that the Ukrainian government aimed at increasing the country's GDP by 40% in the following five years.

"The main goal in the economic sphere is to provide citizens with legal work, with decent wages and to create conditions for successful own business. To this end, the government sets ambitious goals: to increase the country's GDP by 40% in five years, to create more than one million jobs and to attract 50 billion dollars in foreign direct investments," he said.

Related: Ukrainian govt aims to increase country's GDP by 40% in five years

Related news

Top Ukrainian economist warns of potential huge hit to industry from coronavirus.

The president of Ukraine’s International Chamber of Commerce has warned of the potentially dire economic impact of the Coronavirus pandemic on his country

Ukraine's weekly wheat seaport exports show dramatic drop.

According to APK-Inform, wheat exports reached 18.019 million tonnes as of April 3, compared with 11.534 million tonnes at the same date in 2019

Ukrainians withdraw more than $100 million from banks for month. Bank.

The daily dynamics of deposits in hryvnias show little difference from the profiles of previous periods

IMF Head speaks on current state of world’s economic crisis.

According to Kristalina Georgieva, the Fund, in cooperation with the World Bank and other international financial institutions, is working on measures that would allow mitigating economic losses

1 14

13 clubs of German Bundesliga under threat of bankruptcy due to coronavirus.

Four clubs of the first Bundesliga and nine clubs of the second will be able to survive only until May-June, if the season does not resume

1 4

By continuing to browse World News (UAZMI), you acknowledge that you have read the Terms of Use and agree to the use of cookies