: :inin Kyiv (EET)

Economy Ministry: Ukraine`s shadow economy down to 38% of GDP


The level of the shadow economy in Ukraine in the first half of this year fell from 41% recorded in the first quarter to 38%, according to the Ministry of Economic Development and Trade of Ukraine.

Deshadowing was made possible due to the strengthening of macroeconomic stability, improvement of the business environment through deregulation, and optimization of public governance performance, the gradual restoration of economic ties and reduction of a single social contribution, according to the report.

”At the same time, it should be noted that deshadowing is being hindered by unresolved issues related to the shrinking of lending to the corporate sector, maintained unfavorable foreign economic environment, as well as transit restrictions imposed by the Russian Federation,” said the Ministry of Economic Development and Trade.

As UNIAN reported earlier, according to ministry, the level of shadow economy in 2015 amounted to 40% of official GDP. Earlier, Prime Minister Volodymyr Groysman noted that an effective fight against shadow economy would attract for the benefit of the citizens of Ukraine no less than UAH 1 trillion, that are currently traded in the shade.

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