Home > Terms > Armenian (HY) > ստվերային տնտեսություն
ստվերային տնտեսություն
If you pay your cleaner or builder in cash, or for some reason neglect to tell the taxman that you were paid for a service rendered, you participate in the black or underground economy. Such transactions do not normally show up in the figures for GDP, so the black economy may mean that a country is much richer than the official data suggest. In the United States and the UK, the black economy adds an estimated 5—10% to GDP; in Italy, it may add 30%. As for Russia, in the late 1990s estimates of the black economy ranged as high as 50% of GDP.
- Part of Speech: noun
- Synonym(s): black economy_₀
- Blossary:
- Industry/Domain: Economy
- Category: Economics
- Company: The Economist
- Product:
- Acronym-Abbreviation:
Other Languages:
Member comments
Terms in the News
Featured Terms
Վիկտորիաս Սիքրեթ
A US retailer of premium quality women's fashion wear, lingerie and beauty products. Victoria's Secret is known for its annual fashion runway show, ...
Contributor
Featured blossaries
dejanak
0
Terms
9
Blossaries
1
Followers
10 Most Famous Streets in the World
dnatalia
0
Terms
60
Blossaries
2
Followers
Hogwarts School of Witchcraft and Wizardry
Browers Terms By Category
- Organic chemistry(2762)
- Toxicology(1415)
- General chemistry(1367)
- Inorganic chemistry(1014)
- Atmospheric chemistry(558)
- Analytical chemistry(530)
Chemistry(8305) Terms
- Wine bottles(1)
- Soft drink bottles(1)
- Beer bottles(1)
Glass packaging(3) Terms
- News(147)
- Radio & TV broadcasting equipment(126)
- TV equipment(9)
- Set top box(6)
- Radios & accessories(5)
- TV antenna(1)
Broadcasting & receiving(296) Terms
- Cardboard boxes(1)
- Wrapping paper(1)
Paper packaging(2) Terms
- Osteopathy(423)
- Acupuncture(18)
- Alternative psychotherapy(17)
- Ayurveda(9)
- Homeopathy(7)
- Naturopathy(3)