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Shadow economy in Latvia in 2012 reduces, but still ahead of Estonia and Lithuania
BC, Riga, 15.05.2013.
Print version
Print versionThe shadow economy reduced to 21.1% of gross domestic product in Latvia in 2012, according a study on the shadow economy in the Baltic States presented at the Stockholm School of Economics in Riga today. The shadow economy grew to 18.2% of GDP in Lithuania and 19.2% in Estonia in 2012, writes LETA/Nozare.lv.
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Latvia's shadow economy is mostly made up by under-the-table wages – 42.9%, undeclared profits – 39.5%, and undeclared workers – 17.6%.
In terms of sectors, the largest shares of the shadow economy are in wholesale and retail trade – 28.7% and 26% respectively.
As reported, the share of the shadow economy amounted to 30.2% in Latvia in 2011, a 7.9% decrease in 2010, when it constituted 38.1%.
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