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Italian Underground Economy Was as Much as 17.5% of GDP in 2008

Italy’s underground economy was valued at between 16.3 percent and 17.5 percent of gross domestic product in 2008, statistics office Istat said today in an e-mailed statement.

The cash value of the underground economy reached as much as 275 billion euros ($344.6 billion) in 2008, Istat said. The underground economy as a percentage of GDP has tended to decline since reaching a high of as much as 19.7 percent in 2001, Istat said.

Istat includes an estimate of the underground economy in its quarterly GDP calculations.

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