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Bulgarian shadow economy accounts for 30% of GDP - study

Bulgarian shadow economy accounts for 30% of GDP - study Casper1774 Studio/

SOFIA (Bulgaria), July 3 (SeeNews) - Bulgaria's shadow economy accounted for 29.9% of the country's gross domestic product (GDP) in 2017, as much as in 2017 and slightly down from 30.2% of GDP in 2011, a recent study showed.

Red tape, corruption and unemployment are the three main factors driving the country's shadow economy, a study conducted by the Association of Chartered Certified Accountants (ACCA) showed.

In 2016, Bulgaria's GDP amounted to 92.6 billion levs ($53.9 billion/47.4 billion euro).

In the 2020-2025 period the share of the country's shadow economy is seen slightly decreasing to 29.6%.

The global average among the 28 countries included in the survey is 22.5% in 2017 and is projected to decrease to 21.4% by 2025.

Bulgaria ranked eighth among the countries in the survey.

The share of shadow economy was largest share in Azerbaijan - 66.1% of GDP, and lowest in the US - 7.7%.

(1 euro = 1.95583 levs)