Moldova Ranks First in Europe for Shadow Economy at 37.1% of GDP

The Republic of Moldova ranks first in Europe in terms of the shadow economy’s share of GDP – 37.1%, according to 2025 data. Albania ranks second with 27.8%, followed by Georgia with 22.1%. In Ukraine, the shadow economy is estimated at 19.3% of GDP, while in Turkey it stands at 16.1%. In Romania, the shadow economy accounted for 13.1%, reports mybusiness.md citing bani.md. By contrast, the lowest rates were recorded in Switzerland and Ireland – 5.1% each, in the United Kingdom – 5.3%, and in Denmark – 5.6%. The indicator covers illegal activities (drug trafficking, smuggling), as well as undeclared operations, illicit street trading, and cash payments not registered in official records.