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Ernst & Young says quarter of Ukrainian economy in shadow

An expert estimate is lower than that of the Economy Ministry.

Ernst & Young says quarter of Ukrainian economy in shadow
Photo: depositphotos.com\a_taiga

According to an estimate by Ernst & Young, the share of Ukraine’s shadow economy amounts to 846bn hryvnyas, or about 23.8% of official GDP in 2018.

Preliminary results of the study sponsored by Mastercard were presented at the National Bank of Ukraine (NBU) on 17 February.

The NBU explained that out of 23.8%, “cash” shadow economy accounts for 19.7% of GDP (702bn hryvnyas), domestic production of goods for personal end use, which is non-monetary shadow economy, for 4.1% of GDP (144bn hryvnyas).

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