Russia's shadow economy estimated at $250 billion

June 21, 2013 at 9:53 AM

MOSCOW, June 21 (UPI) -- Russia's Finance Minister Anton Siluanov said that the country's shadow economy was up to one-fifth the size of its total economic output.

RIA Novosti reported Friday that Russia's gross domestic product is about $1.8 trillion, which would put the shadow economy at $250 billion.

Taken a step further, the shadow economy is responsible for tax avoidance on the order of $90 billion a year.

Siluanov's remarks were broadcast on Echo of Moscow radio, RIA Novosti said.

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