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Nicolas de Chamfort
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Grey economy proportion in Latvia reaches nearly a quarter of GDP

Photo: pixabay.com
In 2018, Latvia’s grey economy ratio grew 2.2 percentage points and reached 24.2% of the country’s GDP, as reported by Stockholm School of Economics in Riga Sustainable Business Centre’s director Arnis Sauka on Wednesday, 15 May.

He also says grey economy in Latvia has grown for the second consecutive year.
 

The researcher adds grey economy in Latvia had increased last year in spite of economic growth and better overall situation.
 

In 2018, the largest portion of grey economy in Latvia was made up of envelope wages – 43.5% and undeclared income – 35.2%. Unofficial employment also remains a problem in the country – 9.6%.
 

The proportion of unregistered businesses has also gone up in Latvia – from 6.5% in 2017 to 8.6% in 2018. Sauka adds that those are new and small companies for the most part. Still, there are some unregistered large companies in Latvia.
 

The study concludes that Lithuania’s grey economy proportion went up from 18.2% to 18.7%, whereas Estonia’s grey economy proportion went down from 18.2% to 16.7% last year.

BNN/LETA

15-05-2019
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