The part of a country's economic activity that is not accounted for in official statistics.
the growing grey economy is also a reason for the revenue deficit
Example sentencesExamples
- The country's grey economy is robbing the Government of close to 1.6 billion euro in unpaid taxes annually.
- The finger of suspicion is also being pointed at operators in the grey economy, where thousands of sole traders and self-employed are believed to have migrated in order to survive.
- But city officials say the chaotic market needs a cleanup and the gray economy needs to move out of the shadows.
- There are 20 million participants in the U.S. gray economy who aren't illegal, who are legitimate citizens.
- A reduction of five to six per cent in social security contributions will also be introduced to help counter the grey economy.
- Mr Delaney believes the burgeoning grey economy is a major factor in the sharp drop in income and other tax in the past few years.
- Data suggests informal work in Greece - which already has one of the largest grey economies in the eurozone - is rising quickly.
- A further 150m euros would be generated by reducing the so-called grey economy, smuggling and illegal tobacco trafficking.
- Unlicensed mills are part of a gray economy that has come to define development in the Amazon.
- Most children working without a contract are hired in the grey economy.