Ukraine's shadow economy has narrowed to 37 percent of the gross domestic product in the first quarter of 2017 compared with 43 percent in the same period a year ago, official data showed on Thursday.
In January-March 2017, seven out of eight key spheres of the Ukrainian economy showed a decrease in the share of the informal activity, with mining industry demonstrating the best results, the Economic Development and Trade Ministry said in a report.
According to the document, the positive trend was achieved due to the overall macroeconomic stabilization in Ukraine, increased business activity and improved investment environment.
In the same time, the report said that the pace of the informal economy contraction is hampered by the low level of trust in the governing bodies, challenges in the financial system, and the crisis in eastern Ukraine.
In January-March 2017, seven out of eight key spheres of the Ukrainian economy showed a decrease in the share of the informal activity, with mining industry demonstrating the best results, the Economic Development and Trade Ministry said in a report.
According to the document, the positive trend was achieved due to the overall macroeconomic stabilization in Ukraine, increased business activity and improved investment environment.
In the same time, the report said that the pace of the informal economy contraction is hampered by the low level of trust in the governing bodies, challenges in the financial system, and the crisis in eastern Ukraine.
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