Share of Grey Economy in Bulgaria Dips in 2011-2012

Share of Grey Economy in Bulgaria Dips in 2011-2012

The share of the grey sector in Bulgaria's overall economic activity decreased in the 2011-2012 period, but the improvement was only marginal, local think-tank Centre for the Study of Democracy said.

The presence of deep structural imbalances in the labour market and long-term problems with the quality of the business environment continued to favour the grey sector in Bulgaria, a study called Hidden Economy in Bulgaria 2011-2012 drafted by the Centre showed.

The lowest proportion of grey economy in Bulgaria was observed in 2007 and while in the past two years the index measuring it posted a certain decline, it remains higher compared with that period.

Although the study takes into account the improved performance of state regulators, it also states that there has been little to no progress in introducing structural and administrative reforms that will limit the factors driving the development of the grey sector.

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