Share of Grey Economy in Bulgaria Falls 6.0 Pct Pts in Two Yrs

Share of Grey Economy in Bulgaria Falls 6.0 Pct Pts in Two Yrs

The relative share of grey economy in Bulgaria has decreased by 6.0 percentage points to 36.8% in the last two years, a survey showed.

The shadow economy has declined from 48.6% in 2010 to 41.3% in 2012, state-run Bulgarian News Agency (BTA) reported, quoting data from a survey conducted by Bulgarian Industrial Capital Association (BICA).

The sectors in which grey practices have become most pronounced are electrical engineering and electronics, perfumery and cosmetics, and polygraphy, replacing construction, tourism and healthcare from the top spots.

The survey respondents said the introduction of restrictions on cash payments exceeding 15,000 levs ($9,800/7,700 euro) among the most effective measures against shadow practices, alongside joint checks of the Labour Inspectorate and the National Revenue Agency.

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