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.

Follow us on Facebook, Twitter, and Instagram for more news from
Related UPI Stories
share with facebook
share with twitter
Trending Stories