Economy Ministry: Ukrainian shadow economy declined to 38% of GDP

“According to preliminary data of the Economic Development Ministry, the level of shadow economy in the first six months of 2016 totaled 38% of official GDP, which is by four per cent point less compared with the same period in 2015,” reads a report. According to the ministry: the shadow economy in Ukraine declined due to some factors: relative macroeconomic stability; business climate improvement as a result of compliance with de-regulation policy and optimization of public sector of economy aimed at increasing its effectiveness; gradual resumption and development of new inter-branch connections in the economy and the establishment of de-shadowing processes in the labor market by reducing the unified social tax.