May 13, 2025
Visualizing the World's Shadow Economies 🕶️
Key Takeaways
- Globally, the shadow economy is estimated to equal 11.3% of GDP based on analysis of 131 countries from Ernst and Young.
- In the U.S., the shadow economy is estimated to be valued at $1.4 trillion, or 5% of GDP.
- Meanwhile, the underground economy is valued at more than half of GDP in Sierra Leone, Niger, and Nepal.
Shadow Economies Are Highly Prevalent
The shadow economy, which includes unreported and untaxed business activities, drug trafficking, and other illegal activities generates trillions annually in revenue.
On average, the shadow economy is equal to 42.4% of GDP in low income countries, with the highest concentration in Africa.
In contrast, North America, Europe, and the Middle East have the lowest share to GDP. In particular, the UAE has the lowest level globally, at 2.1% of GDP.
Dataset
| Rank | Country | Shadow Economy % of GDP in 2023 | GDP 2023 (B) | Shadow Economy Value (B) |
|---|---|---|---|---|
| 1 | Sierra Leone | 64.5 | $6.4 | $4.1 |
| 2 | Niger | 56.3 | $16.8 | $9.5 |
| 3 | Nepal | 51 | $40.9 | $20.9 |
| 4 | Ethiopia | 50.2 | $159.8 | $80.2 |
| 5 | Burundi | 49.2 | $4.2 | $2.1 |
| 6 | Mali | 46.8 | $20.2 | $9.5 |
| 7 | Tanzania | 44.7 | $79.1 | $35.4 |
| 8 | Burkina Faso | 43.8 | $20.3 | $8.9 |
| 9 | DRC | 42.1 | $66.9 | $28.2 |
| 10 | Mozambique | 39.8 | $21.0 | $8.4 |
| 11 | Kenya | 38.4 | $108.8 | $41.8 |
| 12 | Myanmar | 37.9 | $64.5 | $24.4 |
| 13 | Zambia | 35.6 | $28.2 | $10.0 |
| 14 | Pakistan | 35 | $337.5 | $118.1 |
| 15 | Sudan | 34.9 | $38.1 | $13.3 |
| 16 | Cameroon | 33.3 | $49.3 | $16.4 |
| 17 | Tajikistan | 33.2 | $11.9 | $4.0 |
| 18 | Benin | 32.9 | $19.7 | $6.5 |
| 19 | Congo | 32.6 | $14.2 | $4.6 |
| 20 | Bolivia | 32.1 | $45.5 | $14.6 |
| 21 | Papua New Guinea | 31.4 | $30.7 | $9.6 |
| 22 | Uganda | 31.1 | $48.8 | $15.2 |
| 23 | Lesotho | 30.9 | $2.1 | $0.6 |
| 24 | Malawi | 30.9 | $12.7 | $3.9 |
| 25 | Nicaragua | 30.7 | $17.8 | $5.5 |
| 26 | Angola | 30.2 | $84.8 | $25.6 |
| 27 | Nigeria | 30 | $363.8 | $109.1 |
| 28 | Bangladesh | 29 | $437.4 | $126.8 |
| 29 | Cote d'Ivoire | 28.8 | $78.9 | $22.7 |
| 30 | Togo | 28.1 | $9.2 | $2.6 |
| 31 | Albania | 27.8 | $23.5 | $6.5 |
| 32 | Peru | 27.1 | $267.6 | $72.5 |
| 33 | Morocco | 27 | $144.4 | $39.0 |
| 34 | Ghana | 26.8 | $76.4 | $20.5 |
| 35 | Honduras | 26.7 | $34.4 | $9.2 |
| 36 | Ecuador | 26.5 | $118.8 | $31.5 |
| 37 | Cambodia | 26.4 | $42.3 | $11.2 |
| 38 | South Africa | 26.3 | $380.7 | $100.1 |
| 39 | India | 26.1 | $3,567.6 | $931.1 |
| 40 | Vietnam | 25.1 | $429.7 | $107.9 |
| 41 | Iraq | 24.8 | $250.8 | $62.2 |
| 42 | Uzbekistan | 24.4 | $101.6 | $24.8 |
| 43 | Guatemala | 24.3 | $104.5 | $25.4 |
| 44 | Algeria | 24.2 | $247.6 | $59.9 |
| 45 | Thailand | 24 | $515.0 | $123.6 |
| 46 | Indonesia | 23.8 | $1,371.2 | $326.3 |
| 47 | Gabon | 23.1 | $19.4 | $4.5 |
| 48 | Iran | 22.5 | $404.6 | $91.0 |
| 49 | Georgia | 22.1 | $30.8 | $6.8 |
| 50 | Egypt | 21.2 | $396.0 | $84.0 |
| 51 | Tunisia | 21.2 | $48.5 | $10.3 |
| 52 | Colombia | 20.9 | $363.5 | $76.0 |
| 53 | Paraguay | 20.9 | $43.0 | $9.0 |
| 54 | Philippines | 20.7 | $437.1 | $90.5 |
| 55 | Brazil | 20.6 | $2,173.7 | $447.8 |
| 56 | China | 20.3 | $17,794.8 | $3,612.3 |
| 57 | SriLanka | 20.1 | $84.4 | $17.0 |
| 58 | El Salvador | 19.9 | $34.0 | $6.8 |
| 59 | Turkmenistan | 19.7 | $60.6 | $11.9 |
| 60 | Lebanon | 19.6 | – | #VALUE! |
| 61 | Ukraine | 19.3 | $178.8 | $34.5 |
| 62 | Armenia | 18.9 | $24.1 | $4.6 |
| 63 | Bosnia and Herzegovina | 18.6 | $27.5 | $5.1 |
| 64 | Belarus | 18.3 | $71.9 | $13.2 |
| 65 | Jordan | 18.3 | $51.0 | $9.3 |
| 66 | Mexico | 17.9 | $1,789.1 | $320.2 |
| 67 | Argentina | 17.8 | $646.1 | $115.0 |
| 68 | Azerbaijan | 17.7 | $72.4 | $12.8 |
| 69 | Serbia | 17.2 | $81.3 | $14.0 |
| 70 | Botswana | 17 | $19.4 | $3.3 |
| 71 | North Macedonia | 16.9 | $15.8 | $2.7 |
| 72 | Libya | 16.3 | $45.1 | $7.4 |
| 73 | Dominican Republic | 16.2 | $121.4 | $19.7 |
| 74 | Türkiye | 16.1 | $1,118.3 | $180.0 |
| 75 | Costa Rica | 13.8 | $86.5 | $11.9 |
| 76 | Montenegro | 13.6 | $7.5 | $1.0 |
| 77 | Uruguay | 13.5 | $77.2 | $10.4 |
| 78 | Romania | 13.1 | $350.8 | $46.0 |
| 79 | Russia | 13.1 | $2,021.4 | $264.8 |
| 80 | Malaysia | 12.3 | $399.7 | $49.2 |
| 81 | Panama | 12.1 | $83.3 | $10.1 |
| 82 | Greece | 12 | $243.5 | $29.2 |
| 83 | Chile | 11.9 | $335.5 | $39.9 |
| 84 | Guyana | 11.8 | $17.2 | $2.0 |
| 85 | Kazakhstan | 11.2 | $262.6 | $29.4 |
| 86 | Mauritius | 10.6 | $14.6 | $1.5 |
| 87 | Bulgaria | 10.5 | $102.4 | $10.8 |
| 88 | Puerto Rico | 10.3 | $117.9 | $12.1 |
| 89 | Poland | 9.7 | $809.2 | $78.5 |
| 90 | Croatia | 9.3 | $84.4 | $7.8 |
| 91 | Latvia | 9.3 | $42.2 | $3.9 |
| 92 | Portugal | 9.3 | $289.1 | $26.9 |
| 93 | Hungary | 9.2 | $212.4 | $19.5 |
| 94 | Slovak Republic | 8.9 | $132.9 | $11.8 |
| 95 | New Zealand | 8.2 | $252.2 | $20.7 |
| 96 | Slovenia | 8 | $69.1 | $5.5 |
| 97 | Italy | 7.8 | $2,300.9 | $179.5 |
| 98 | Iceland | 7.6 | $31.3 | $2.4 |
| 99 | Korea | 7.6 | $1,712.8 | $130.2 |
| 100 | Malta | 7.5 | $22.3 | $1.7 |
| 101 | Spain | 7.5 | $1,620.1 | $121.5 |
| 102 | Estonia | 7.4 | $41.3 | $3.1 |
| 103 | Lithuania | 7.4 | $79.8 | $5.9 |
| 104 | Germany | 6.8 | $4,525.7 | $307.7 |
| 105 | France | 6.7 | $3,051.8 | $204.5 |
| 106 | Japan | 6.7 | $4,204.5 | $281.7 |
| 107 | Sweden | 6.7 | $585.0 | $39.2 |
| 108 | Austria | 6.6 | $511.7 | $33.8 |
| 109 | Belgium | 6.6 | $644.8 | $42.6 |
| 110 | Finland | 6.6 | $295.5 | $19.5 |
| 111 | Czechia | 6.5 | $343.2 | $22.3 |
| 112 | Norway | 6.4 | $485.3 | $31.1 |
| 113 | Oman | 6.4 | $108.8 | $7.0 |
| 114 | Netherlands | 6.3 | $1,154.4 | $72.7 |
| 115 | Luxembourg | 6.1 | $85.8 | $5.2 |
| 116 | Denmark | 5.9 | $407.1 | $24.0 |
| 117 | Australia | 5.7 | $1,728.1 | $98.5 |
| 118 | Israel | 5.5 | $513.6 | $28.2 |
| 119 | Bahamas | 5.4 | $14.3 | $0.8 |
| 120 | Cyprus | 5.3 | $33.9 | $1.8 |
| 121 | UK | 5.3 | $3,380.9 | $179.2 |
| 122 | Saudi Arabia | 5.2 | $1,067.6 | $55.5 |
| 123 | Ireland | 5.1 | $551.4 | $28.1 |
| 124 | Switzerland | 5.1 | $884.9 | $45.1 |
| 125 | United States | 5 | $27,720.7 | $1,386.0 |
| 126 | Canada | 4.5 | $2,142.5 | $96.4 |
| 127 | Kuwait | 4 | $163.7 | $6.5 |
| 128 | Singapore | 3.4 | $501.4 | $17.0 |
| 129 | Bahrain | 2.5 | $46.1 | $1.2 |
| 130 | Qatar | 2.2 | $213.0 | $4.7 |
| 131 | UAE | 2.1 | $514.1 | $10.8 |
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