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Italy's black economy equal to a third of GDP: research agency

Xinhua, January 29, 2016 Adjust font size:

Italy's black economy is worth at least 540 billion euros (nearly 752 billion U.S. dollars), or around a third of its gross domestic product (GDP), Eurispes research agency estimated in a report released on Thursday.

The Italian black economy accounted for around 270 billion euros in dodged taxes, Eurispes highlighted in the report.

"Are we all evaders? Probably yes," the Rome-based private agency wrote, describing tax dodging as a widespread phenomenon in the country.

In addition, more than 200 billion euros were generated by the criminal economy, according to Eurispes.

The agency found that in 2015 more than 28 percent of those interviewed agreed to work without an employment contract, compared to nearly 19 percent of 2014.

Among them there were babysitters, private tutors, domestic workers, carers for the elderly, gardeners, bricklayers, plumbers, electricians, carpenters and specialist doctors.

Police investigations led to asset seizures worth over 895 million euros and reports of nearly 20,000 irregular workers as well as 4,483 employers who used black labor, Eurispes said. (1 euro = 1.39 U.S. dollars) Endit