Rome

Underground economy sucking out over 17% of Italian GDP

'Equal to 272 billion euros' says Confcommercio

Underground economy sucking out over 17% of Italian GDP

Rome, July 25 - Italy's underground economy is worth the equivalent of 17.4% of gross domestic product, a study by retailers association Confcommercio said Thursday. The percentage amounts to 272 billion euros in taxes dodged every year, "an enormous figure," said the report. The study assessed 2012 and 2013 data and trends.

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