Ireland's Shadow Economy Equivalent to 12 Percent of GDP

Which is only a fraction of what other countries have

The shadow economy is costing the Government roughly €20bn, which is 12% of total GDP, because of undeclared or under-reporting of earnings.

However, Ireland compares favourably with the rest of Europe, with the shadow economy depriving taxpayers of an estimated €2.1 trillion in lost revenue across the region, according to a new report commissioned and published by Visa Europe.

Ireland has the sixth lowest rate of shadow activity in Europe, it found.

Conor Langford, vice president Ireland at Visa Europe, said: "The report reveals the scale of the shadow economy in Ireland which is fuelled by cash and set to be worth €20bn this year.