* indicates monthly or quarterly data series

Shadow economy, percent of GDP, 2015:

The average for 2015 based on 38 countries was 19.45 percent. The highest value was in Ukraine: 42.9 percent and the lowest value was in Switzerland: 6.94 percent. The indicator is available from 1991 to 2015. Below is a chart for all countries where data are available.

Measure: percent; Source: Medina and Schneider (2018)
Select indicator
* indicates monthly or quarterly data series


Countries Shadow economy, 2015 Global rank Available data
Ukraine 42.9 1 1991 - 2015
Moldova 39.68 2 1991 - 2015
Russia 33.72 3 1991 - 2015
Belarus 32.37 4 1991 - 2015
Cyprus 32.2 5 1991 - 2015
Bosnia & Herz. 29.88 6 1991 - 2015
Malta 29.43 7 1991 - 2015
Turkey 27.43 8 1991 - 2015
Greece 26.45 9 1991 - 2015
Albania 26.21 10 1991 - 2015
Italy 22.97 11 1991 - 2015
Croatia 22.96 12 1991 - 2015
Romania 22.94 13 1991 - 2015
Spain 22.01 14 1991 - 2015
Bulgaria 20.83 15 1991 - 2015
Hungary 20.49 16 1991 - 2015
Slovenia 20.21 17 1991 - 2015
Lithuania 18.65 18 1991 - 2015
Estonia 18.49 19 1991 - 2015
Portugal 17.82 20 1991 - 2015
Belgium 17.8 21 1991 - 2015
Poland 16.67 22 1991 - 2015
Latvia 16.62 23 1991 - 2015
Norway 15.07 24 1991 - 2015
Denmark 14.7 25 1991 - 2015
Finland 13.3 26 1991 - 2015
Iceland 12.45 27 1991 - 2015
Sweden 11.74 28 1991 - 2015
France 11.65 29 1991 - 2015
Slovakia 11.18 30 1991 - 2015
Czechia 10.47 31 1991 - 2015
Luxembourg 10.38 32 1991 - 2015
Ireland 9.58 33 1991 - 2015
Austria 9.01 34 1991 - 2015
UK 8.32 35 1991 - 2015
Netherlands 7.83 36 1991 - 2015
Germany 7.75 37 1991 - 2015
Switzerland 6.94 38 1991 - 2015



Definition: The shadow economy as percent of total annual GDP. Detailed methodology of the estimations can be obtained from the following International Monetary Fund working paper by Leandro Medina and Friedrich Schneider (2018): Shadow Economies Around the World: What Did We Learn Over the Last 20 Years? The series are discontinued but can still serve as a benchmark in calibration exercises.
42.90
39.68
33.72
32.37
32.20
29.88
29.43
27.43
26.45
26.21
22.97
22.96
22.94
22.01
20.83
20.49
20.21
18.65
18.49
17.82
17.80
16.67
16.62
15.07
14.70
13.30
12.45
11.74
11.65
11.18
10.47
10.38
9.58
9.01
8.32
7.83
7.75
6.94
0
10.7
21.5
32.2
42.9
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