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  HOME | Brazil (Click here for more)

Brazil’s Underground Economy Equivalent to 27.1 Percent of GDP in ‘08

SAO PAULO – The cost of goods and services produced last year by Brazil’s underground economy amounted to the equivalent of 27.1 percent of the nation’s gross domestic product, according to a study released by the private Getulio Vargas Foundation.

The underground economy, or black market, in which commerce is carried out without regard for taxation, price ceilings or other rules imposed by the government, was fueled in 2008 in Brazil by increased tax collection efforts and unemployment.

Prepared at the request of Etco, a group that promotes business ethics, the report released Thursday said that “excessive bureaucracy and corruption” and a drop in exports as a percentage of GDP also contributed to the growth of the underground economy last year.

Additionally, the appreciation of the real relative to the dollar in the first half of the year and the onset of the global economic crisis in the second half prompted many companies to violate export rules by making illegal sales and evading taxes, the report said. EFE
 

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