Ministry of Economy of Ukraine
The level of the shadow economy in Ukraine for 9 months of 2018 is the lowest in the last 10 years
12.02.2019 | 10:43 | Directorate for relations with state bodies and publicAccording to the estimates of the Ministry of Economic Development and Trade of Ukraine, in January-September 2018, the level of the shadow economy was 32% of the official GDP, which is by 1 percentage point less as compared to the same period in 2017. This is stated in the report “General tendencies of the shadow economy in Ukraine” published quarterly by the Ministry of Economic Development and Trade of Ukraine.
When comparing similar figures of previous years, it should be noted that 32% is the lowest level in the last 10 years calculated for the period of 9 months of each year. Such level of economy shadowing can be considered as one of the criteria for assessing the effectiveness of implemented reforms and their perception by the society.
The Ukrainian economy shadowing became possible due to:
- continuation of positive economic trends and preservation of signs of general economic stabilization under conditions of the Government’s implementation of reforms aimed at the increase of citizens’ incomes and strengthening the investment component of economic growth;
- strengthening of market trends and gradual optimization of the formation of prices in the domestic markets, including as a result of market demonopolization along with the introduction of strict monetary policy by the NBU to limit the inflation within the target range;
- preservation of favorable conditions for doing business in Ukraine, as evidenced by high level of business activity and improved expectations.
At the same time, the dynamics of the Ukrainian economy shadowing is restrained by unresolved issues, which adversely affect the development of the country’s economy as a whole. This includes, in particular, the availability of uncontrolled territories formed in the course of military aggression in the east of the country.
More information about trends of the shadow economy, the measures of deshadowing and improvement of business climate in Ukraine can be found in the report available at: https://bit.ly/2SGIGn6.
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