The shadow economy decreased by 11% – the Cabinet

Теневая экономика снизилась на 11% - Кабмин

The shadow economy decreased by 11% over four years, said Kubiv

Only for the first half of the level of shadow economy fell at RIR per cent, said Kubiv.

In 2014, the level of shadow economy has decreased by 11 percent. On Friday, October 5, during the Hour of questions to the government in the Verkhovna Rada was declared by first Vice Prime Minister – Minister of economic development and trade Stepan Kubiv.

“According to calculations of Ministry of economic development, the level of shadow economy in the first half of 2018 lower compared to the corresponding period in 2017 3 percentage points, and is 32% of total official GDP. From 2014 the shadow economy decreased by 11 percentage points,” said Cube.

He also spoke about the growth of capital investment.

“Capital investment for the first half of 2018 rose by 26.6% vs 2017. Almost half was invested in new equipment, machinery and equipment,” – said Kubiv.

In addition, the Vice Prime Minister said that the export of Ukrainian goods has now risen for 19 consecutive quarters.

“For 8 months of 2018 Ukrainian Industrialists produced 2.2% more output than the 8 months of 2017. Chemical production rose by 29.9%, the automotive sector by 17.2%. We have to export more, export of Ukrainian goods increasing 19 consecutive quarters. For 7 months of this year Ukrainian enterprises exported goods for 26 billion dollars”, said Cubes.

He stressed that despite the fact that the lion’s share of export of food products is also increasing exports of products with added value.

We will note, today in Ukraine starts large-scale events, aimed at combating shadow employment. In the first place to check will be those businesses where the majority of employees receive the minimum wage.

According to the International monetary Fund, the shadow sector of Ukraine’s economy amounts to 44,8%.

 

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