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Russia’s Black Market Totaled 20% of GDP in 2018 – Reports

Russia’s Black Market Totaled 20% of GDP in 2018 – Reports

The size of Russia’s shadow economy was equal to 20 percent of the GDP last year, media reported Friday, citing the Rosfinmonitoring state financial watchdog.

That amounts to a little under 20 percent of Russia’s 103.6 trillion ruble GDP, the news outlet said Friday.

Meanwhile, in 2016, the shadow economy was estimated as having a value of 24.3 trillion rubles, or 28 percent of GDP, RBC said.

The 20.7 trillion ruble shadow economy last year was bigger than the 18 trillion rubles allocated to total federal budget spending in 2019.

Almost 15 million Russians worked off the books in 2018 with a total illicit payroll of around 11 trillion rubles, RBC cited the Rosfinmonitoring report as saying.

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