Crisis causes underground economy to flourish in Spain

Study calculates operations were equivalent to almost a quarter of total national output in 2012

The crisis has caused Spain’s black market economy to grow significantly over the past few years, according to a study released Wednesday by the union of the technical staff of the Finance Ministry (Gestha).

Gestha’s report calculates that the value of under-the-table business in 2012 amounted to 253 billion euros, equivalent to 24.6 percent of GDP – that’s 6.8 percentage points, or 60 billion euros, more than at the start of the crisis in 2008.

The report, entitled “The Underground Economy Takes Its Toll. The Increase in Fraud during the Crisis,” calculates that black market deals increased annually by 15 billion euros in the period 2008-2012.

“The underground economy has increased particularly in the regions most affected by the problem of unemployment and the bursting of the property bubble, such as Andalusia, the Canaries, Extremadura, Castilla-La Mancha and other regions in the central belt,” the report said.

The provinces with “strikingly low” levels of black market activity are those with a concentration of large national and international companies such as Madrid, Tarragona, Lleida, Barcelona and La Rioja. However, this fact is offset by the fact that such companies are more prone to use financial engineering to reduce their tax burden.

The report, drawn up by Jordi Sardà of the University Rovira I Virgili, does not include figures from the Basque Country, Navarre and Ceuta and Melilla, which have different tax systems.

The report highlights that almost 70 percent of cash transactions in black market activity use 500-euro notes.

Y ADEMÁS...

Para poder comentar debes estar registrado en Eskup y haber iniciado sesión

Darse de alta ¿Por qué darse de alta?

Otras noticias

Últimas noticias

Ver todo el día

El creador de un videojuego le roba la mansión a Beyoncé

Markus Persson es ahora el propietario de la casa más cara de Beverly Hills. Ha pagado 57 millones de euros por la residencia de ocho habitaciones y 15 baños

Inditex niega que haya dejado de abastecer a sus tiendas de Rusia

Los principales medios del país aseguraban hoy que el grupo de Zara dejaba de reponer

Tráfico prevé una operación de Navidad “intensa” y “compleja”

Los desplazamientos se fraccionarán porque los días más señalados caen entre semana

Industria congela los peajes de la tarifa eléctrica para 2015

El Ejecutivo calcula que el recibo ha bajado un 4,9% en 2014 tras el cambio de sistema

LATIN AMERICA

Colombia’s FARC guerrillas declare unilateral and indefinite ceasefire

Government must decide whether to do the same or risk ending truce

Bolivia seeks to improve its image abroad

President Morales is trying to reset relations with the US in order to boost its lawsuit against Chile over sea access

Mexico’s animal hell

Elena Reina Muñoz Mexico City

Every Monday ill and mistreated livestock is sold at the San Bernabé market in appalling conditions

Lo más visto en...

» Top 50

Webs de PRISA

cerrar ventana