Black Economy

Black Economy in Europe

Description of Black economy

The Concise Encyclopedia of the European Union describes black economy in the following terms: [1] Anecdotal evidence suggests that the unofficial ‘shadow’ or black economies of Europe have been growing, leading to an erosion of the tax base and the risk of mistaken (because based on misleading figures) policy decisions. Italy has even prided itself on the size of its black economy, relying on it in the 1980s to boast of il sorpasso, or the overtaking of the UK’s GDP. Although no reliable economic analysis is possible, such estimates as have been made put the black economies of Italy, Spain and Belgium at upwards of 20% of GDP, with the UK, France and Germany at approximately half that level and The Netherlands and Sweden mid-way between the two groups.

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Notas y References

  1. Based on the book “A Concise Encyclopedia of the European Union from Aachen to Zollverein”, by Rodney Leach (Profile Books; London)

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