Underground economy exceeds EUR 40 bln 30 pc of the GDP

Underground economy exceeded EUR 41 bln in Romania last year, according to data released by the European Commission, which estimates that the non-fiscalised economy accounts for 29.6 pc of the GDP, a percentage that is second only to Bulgaria in the EU. The Commission only presents the share of the GDP represented by underground economy in 2011, and the sum was calculated by Mediafax, based on last year’s GDP and the average RON/EUR exchange rate announced by the Central Bank (BNR). Bulgaria is the only EU state where underground economy (32.3 pc of the GDP) is above 30 pc, according to data submitted Wednesday by the EC to the European Parliament and Council.

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