Italy has a hidden economy encompassing anything from undeclared transactions to drugs and prostitution that is about the size of Portugal’s, according to the newest estimate of officials.
The country’s statistics agency, Istat, said on Wednesday that its assessment of the amount of underground and illegal activity that took place there in 2018, the latest year available, was about 211 billion euros ($248 billion).
The total is down about 1.3% from the previous year, making the undeclared portion of Italy’s gross domestic product about 11.9%. The peak was 13% in 2014.
Prime Minister
Learn more about Bloomberg Tax or Log In to keep reading:
Learn About Bloomberg Tax
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools.