Latvia has the EU's largest shadow economy - World Bank

  • 2010-07-23
  • TBT Staff

RIGA - A recent study by the World Bank has found that Latvia suffers from the largest shadow economy in the EU.

The study, which covered a period from 1999 to 2007, found that the shadow economy makes up about 41.6% of the country's GDP. It ranked Latvia 109th in the world.

The figure in neighboring Estonia is 40.3%, while in Lithuania it stood at 31.9% of GDP.