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2013.05.08 11:39

Shadow economy in Lithuania stands at 30 per cent of GDP

DELFI|The Lithuania Tribune2013.05.08 11:39

A survey commissioned by credit card Visa and conducted by the Austrian professor of economics Friedrich Schneider shows that the size of the shadow economy in Lithuania and Estonia is about 30 per cent of the country’s GDP, writes the Baltic Course. 

A survey commissioned by credit card Visa and conducted by the Austrian professor of economics Friedrich Schneider shows that the size of the shadow economy in Lithuania and Estonia is about 30 per cent of the country’s GDP, writes the Baltic Course.

According to the report, in Europe as a whole, shadow economy shrank from 19.3 per cent in 2011 to 19 per cent of GDP in 2012.

The report expects it to decline to 18.5 per cent by the end of this year which is the lowest figure in the last ten years.

Europe’s shadow economy is estimated to be worth 2.17 trillion euros. 

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