Official: Illicit businesses to be added into country's gross domestic product
ATHENS - Prostitutes and smugglers will give the Greek economy an unexpected boost as their illicit activities will now be counted in the country's official ecomomic output, a senior official said this week.
Under pressure from the European Union to cut its deficits, Greece is revising its gross domestic product to include part of the booming black economy, boosting its output by at least 10 percent in 2006, the country's chief statistician told Reuters.
"The revised GDP will include some money from illegal activities, such as money from cigarette and drinks smuggling, prostitution and money laundering," National Statistics Service (NSS) chief Manolis Kontopyrakis said in an interview.
Greece’s economic output was 180 billion euros ($228 billion) in 2005 and is estimated at 194 billion euros this year, while the black economy is estimated at about 40-60 billion euros a year.
ATHENS - Prostitutes and smugglers will give the Greek economy an unexpected boost as their illicit activities will now be counted in the country's official ecomomic output, a senior official said this week.
Under pressure from the European Union to cut its deficits, Greece is revising its gross domestic product to include part of the booming black economy, boosting its output by at least 10 percent in 2006, the country's chief statistician told Reuters.
"The revised GDP will include some money from illegal activities, such as money from cigarette and drinks smuggling, prostitution and money laundering," National Statistics Service (NSS) chief Manolis Kontopyrakis said in an interview.
Greece’s economic output was 180 billion euros ($228 billion) in 2005 and is estimated at 194 billion euros this year, while the black economy is estimated at about 40-60 billion euros a year.
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Re: Prostitutes, smugglers boost Greek economy
Tue, October 10, 2006 - 7:32 PMgreat for the sex workers and pirates...
