July 13 (Bloomberg) -- 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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