24% of GDP in Spain generated through black market

24% of GDP in Spain generated through black market

The Corner Spain ranks, along with Greece and Italy, among the European countries with the highest weight of the underground economy. In Spain, black money represents 24% of Gross Domestic Product, just behind Greece – at 36% – and Italy, at 31%, respectively. These are the figures recently published in a report for the Centre for Economic Policy Research (CEPR), prepared by authors Francesco Pappadà, a professor at the University of Venice,...