Components of non-observed economy in Italy 2021
Non-observed economy refers to all the productive activities that may not be recorded in the data sources used for calculating national accounts. It includes the underground economy, the informal economy, and the illegal economy. The underground economy is constituted mainly by illicit employment and false tax declarations. The latter were the major component of Italy's non-observed economic activities in 2021. The value of the shadow economy from under-declaration amounted to 91 billion euros. The total value of the underground economy was equal to 184 billion euros.
