Bulgaria’s grey economy generates around 37.7 per cent of the country’s GDP, shows a study conducted by A.T. Kearney, an international consulting company.
14 Oct 2010 / 04:14
Boryana Dzhambazova
The report, commissioned by Visa Europe, was presented on Thursday during a seminar on how electronic payments can help the fight against the shadow economy.
In comparison, the grey economy in more developed countries such as France and Germany is just one eighth of their official GDP.
According to Ministry of Finance statistics, Bulgaria’s GDP is expected to be a bit more than EUR 34 billion this year, so based on the report's findings, the grey economy in the country will total some EUR 12.8 billion in 2010.
On Wednesday, however, Bulgarian Minister of Regional Development Rosen Plevneliev gave different estimates. According to him the shadow economy is worth around EUR 3.5 billion, 25 per cent of which comes from the construction sector.
Participants in the seminar agreed that electronic payments could reduce the impact of the grey economy and suggested that all wages and payments to state institutions should be made via bank transfers.
The government has already proposed legislative changes which would require all salaries and deals over EUR 2,500 to be paid electronically. The bill has been tabled in the parliament but has not yet been adopted.
balkan insight
http://www.balkaninsight.com/en/article/study-grey-economy-is-4-of-bulgaria-s-gdp
14 Oct 2010 / 04:14
Boryana Dzhambazova
The report, commissioned by Visa Europe, was presented on Thursday during a seminar on how electronic payments can help the fight against the shadow economy.
In comparison, the grey economy in more developed countries such as France and Germany is just one eighth of their official GDP.
According to Ministry of Finance statistics, Bulgaria’s GDP is expected to be a bit more than EUR 34 billion this year, so based on the report's findings, the grey economy in the country will total some EUR 12.8 billion in 2010.
On Wednesday, however, Bulgarian Minister of Regional Development Rosen Plevneliev gave different estimates. According to him the shadow economy is worth around EUR 3.5 billion, 25 per cent of which comes from the construction sector.
Participants in the seminar agreed that electronic payments could reduce the impact of the grey economy and suggested that all wages and payments to state institutions should be made via bank transfers.
The government has already proposed legislative changes which would require all salaries and deals over EUR 2,500 to be paid electronically. The bill has been tabled in the parliament but has not yet been adopted.
balkan insight
http://www.balkaninsight.com/en/article/study-grey-economy-is-4-of-bulgaria-s-gdp
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