Russia’s Shadow Economy Accounts for 15-20% of GDP – Minister

ST. PETERSBURG, June 20 (RIA Novosti) – Russia’s shadow economy accounts for some 15-20 percent of the country’s gross domestic product, the finance minister said Thursday.

With a GDP of about 60 trillion rubles ($1.8 trillion), that means at least 9 trillion rubles ($250 billion) is generated by opaque transactions, Finance Minister Anton Siluanov said in comments aired on Ekho Moskvy (Echo of Moscow) radio.

Based on an aggregate tax burden of 35 percent, the shadow economy accounts for at least $90 billion in unpaid taxes every year, he said.