Non observed economy in national accounts. Years 2016-2019

Non-observed economy declining before the Covid-19 emergency

In 2019 non-observed economy (NOE) accounts for about EUR 203 billion, 11.3% of GDP. Compared to 2018, it fell by more than 5 billion (-2.6%), confirming the trend that has been going on since 2014.

The underground economy accounts for little less than EUR 183 billion and illegal activities for over 19 billion.

Undeclared work in 2019 is estimated at around 3.6 million of full-time equivalent units (FTEs), 57 thousand less than 2018.