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Athens Macedonian News Agency: News in English, 16-05-18

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

  • [01] Greek shadow economy unchanged at 25 pct of GDP for past 15 years, says professor

  • [01] Greek shadow economy unchanged at 25 pct of GDP for past 15 years, says professor

    Greece's shadow economy is estimated to have averaged at 25 pct 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 pct of GDP, with Switzerland having the lowest percentage. In Germany, the percentage is estimated at 14-15 pct, while in Spain and Portugal it is around 20 pct.

    "If we manage at least reach the levels of Spain and Portugal, this will mean that a 5 pct 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.


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