ADVERTISEMENT

Visa Europe says value of Hungary's hidden economy higher-than-average 24% of GDP

MNB

Visa Europe estimates that the annual value of Hungary's hidden economy is EUR 22 billion, or 24% of GDP, compared to an average value of 20% of GDP throughout Europe, Visa Europe's newly published report shows.

Visa Europe said that two-thirds of the value of the hidden economy stems from unregistered labor, while the remaining third arises from tax evasion.

The company reported that Hungary's hidden economy, as in other countries in Europe, is particularly active in the following sectors: construction, retail, manufacturing, tourism, personal services and agriculture.

Visa Europe said that among European countries the hidden economy is least active in Switzerland and Austria, at 8% of annual GDP.

The company attributed Hungary's relatively large hidden economy to "a lack of confidence in government and a complicated tax system."

ADVERTISEMENT

Digitization, sustainability among characteristics of future... Analysis

Digitization, sustainability among characteristics of future...

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

Magyar Bankholding chairman to serve as CEO as well Appointments

Magyar Bankholding chairman to serve as CEO as well

ITM, capital gov't agree on support for public transport City

ITM, capital gov't agree on support for public transport

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.