facebook
twitter
search
search

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.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Compact cannon for British armored vehicles
Brazil orders search-and-rescue aircraft
Advanced radar to feature on upgraded Singapore fighters
Australia orders airborne refueling tankers
Kraft-Heinz merger forms world's fifth-largest food-beverage company