1 min.

Trade union calculates Bulgaria's grey economy at 30 per cent

editor |

Trade union calculates Bulgaria

Bulgaria's grey economy equals to about 30 per cent of GDP, Plamen Dimitrov, President of the Confederation of Independent Trade Unions in Bulgaria (CITUB), told a conference on "Informal Economy and Unreported Work: International, European and National Dimension and Good Practices" organised by CITUB on Tuesday.

The trade union estimates the social and health insurance contributions owed but not paid every year at between one and two billion leva. CITUB believes that Bulgaria's flat income tax rate, set at 10 per cent, has not led to greater transparency of the economy.

Dimitrov stressed the importance of the methodology used in measuring unreported work. He quoted data showing that unreported work in the EU's private sector stands at an average of 11.6 per cent, while the World Bank puts it at 18 per cent.

Bulgaria's grey economy is measured with a specific index developed by the Bulgarian Industrial Capital Association with CITUB as partner.

Standart RSS feed

www.standartnews.com © all rights reserved