Calamos Supports Greece
GreekReporter.comGreek NewsEconomyGreek Shadow Economy Unchanged at 25% of GDP for Past 15 Years,...

Greek Shadow Economy Unchanged at 25% of GDP for Past 15 Years, According to Professor

money2212014
Greece’s shadow economy is estimated to have averaged at 25% of GDP in the last 15 years, which means that economic activity equal to one fourth of the country’s GDP exists, but is not declared in the official economy, according to data presented by research associate Vasilis Vlahos on Wednesday, who participated in the “Thales” project, a study focusing on Greece’s shadow economy and tax evasion.
The press conference was held ahead of the 7th International Conference on International Business which will take place on May 20-22 in Thessaloniki.
The size of the shadow economy can only be measured indirectly, as only tax authorities could do so directly, Vlahos noted. This percentage places Greece in the first positions in the list of countries with the largest shadow economy in Europe, he said, adding that this tendency to gain part of one’s income from undeclared sources – which is also observed in other Mediterranean nations – is attributed to factors such as high taxation, tax ethics, bureaucracy, but also personal motives.
To compare with other countries, Vlahos said the shadow economy in Austria and Luxembourg is estimated at less than 10% of GDP, with Switzerland having the lowest percentage. In Germany, the percentage is estimated at 14-15%, while in Spain and Portugal it is around 20%.
“If we manage at least reach the levels of Spain and Portugal, this will mean that a 5% of GDP could be added to the economy,” the research associate said.
The study was coordinated by Aristidis Bitzenis, Associate Professor in Global Entrepreneurship at the Department of European and International Studies at the University of Macedonia. One of the main researchers who participated in the field study was Austrian Professor of Economics of the Johannes Kepler University of Linz, Friedrich Schneider, who has studied the shadow economy in 145 countries.
Source: ANA MPA

See all the latest news from Greece and the world at Greekreporter.com. Contact our newsroom to report an update or send your story, photos and videos. Follow GR on Google News and subscribe here to our daily email!



Related Posts