Italy’s Economy of Hidden Transactions Is About Size of Portugal
- Officials release new estimate of undeclared activity
- New 211 billion-euro tally for 2018 shows slight decline
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Italy has a hidden economy encompassing anything from undeclared transactions to drugs and prostitution that is about the size of Portugal’s, according to the newest estimate of officials.
The country’s statistics agency, Istat, said on Wednesday that its assessment of the amount of underground and illegal activity that took place there in 2018, the latest year available, was about 211 billion euros ($248 billion).