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shadow economy

Shadow Economy in Greece is Shrinking, IMF Says

The shadow economy in Greece fell to 16 percent of GDP in 2021 according to the latest report by researchers at the International Monetary Fund (IMF). The report titled "Recent Trends of Informality in Greece: Evidence from Subnational Data" notes...

Greece to Pay Citizens €3,000 for Reporting Tax Evasion

Greece's Ministry of Finance has announced an initiative to offer citizens a bonus of up to 3,000 euros for reporting instances of tax evasion. The incentive is part of a broader movement in strengthening tax compliance and transparency in...

Shadow Economy in Greece at 20.9 Percent of GDP, Central Banker Says

The size of the shadow economy in Greece reaches 20.9 percent of the country's Gross Domestic Product (GDP), Bank of Greece governor Yannis Stournaras said on Tuesday. Shadow economy consists of transactions between individuals, or individuals and businesses, without being...

Greece is World Champion in Shadow Economy, at 21.5% of GDP

More than one in five euro notes changing hands in Greece is not recorded, as shadow economy amounts to 21.5% of gross domestic product, according to a study by the Institute for Applied Economic Research, at the University of Tübingen. Greece is the leader among...

Underground Economy in Greece Is About One Quarter of GDP

The size of Greece's underground economy -- where transactions take place out of the radar of tax authorities -- is estimated to be about one quarter of the country's official GDP, according to University of Macedonia Professor Vassilis Vlachos. The...

Greece's 'Shadow Economy' Ranks First Worldwide at 21.5% of GDP, study shows

Greece's 'shadow economy' ranks first in the world estimated at 21.5% of gross domestic product, a study by the Institute for Applied Economic Research at the University of Tübingen in Germany (IAW) says. The study, which is published in Forbes, defines...

Greece's Shadow Economy Continues to Grow as State Coffers Miss Out on €16 Billion Annually

Greece is known for having a shadow economy, or an underground economy where people buy undeclared or illegal products and services. In recent years the shadow economy in Greece accounts for around 24-25 percent of the economy, one of...