Vitoria – The value of the underground economy in the Basque Country is estimated to have reached 6,214 million euros, which represented 8.7% of GDP in 2020.
This is a study corresponding to 2020, carried out for the first time by the Basque Institute of Statistics, Eustat.
It makes an analysis of the legal productive activities that are intentionally hidden from the authorities, either in part or in full, to avoid paying taxes or social security contributions.
To calculate the value of these activities, the Eurostat methodology has been used, in accordance with the System of National Accounts (United Nations, 2008).
More underground economy in construction
By sector, the one that is estimated to have the greatest volume of underground economy with respect to the total Basque GDP as a whole is Construction.
It has been estimated that it accounted for 23.9% of its activity in 2020.
Behind it is Commerce (including vehicle repair), hospitality and transport, which generated 17.1% of its wealth in a hidden way.
Real estate activities had an undeclared 14.7% of their total gross added value.
A woman from a group of nannies claims her job, one of the most affected by the underground economy. EFE/Lenin Nolly
In the Other Service Activities sector, –which include recreational and cultural services, computer repair activities and other items, as well as activities related to washing and cleaning services, hairdressers and other beauty treatments– 14.1% it is estimated that it was underground economy.
Professional Activities has a figure of 10.1%.
In the rest of the sectors, submerged activities had lower percentages.
Thus, Information and communications, 5.7%; Industry and energy, 4.9%; the Primary sector, 2.6%.
The least, the sectors of education, health and social services is estimated at 2.2%.
The Basque underground economy is half that of Europe
After knowing this figure of 8.7% of the volume of the underground economy in Euskadi, the Department of Finance of the Basque Government has explained that the European average is 17.3% and that of Spain is 16.9%.
The Treasury has cited data from a report carried out for the Banking and Finance Research Institute in which it is detailed that in the OECD countries the one with the smallest underground economy is Switzerland, with 5.8%, and Austria has 6 .9%.
Germany has 10%, that is, the latter is higher than Euskadi.
By the tail, the one with the most is Türkiye, with 32%. EFE
