EU Nations Broaden GDP to Include Underground Economy

Global Business

Italy’s economy shrank a tenth of a percent in the first quarter of this year before it started expanding again in April.
Italy has been in recession for more than two years, but the latest data from Italy’s national statistics agency suggests things may be turning around. The performance of Europe’s third largest economy is an important indicator of overall economic stability in the Eurozone, which is why efforts are underway to get European nations to broaden the way they calculate their GDP to include underground activity like smuggling, narcotics and prostitution. CCTV’s Brussels correspondent Sandra Gathmann has more details.

EU Nations Broaden GDP to Include Underground Economy

EU Nations Broaden GDP to Include Underground Economy

Italy's economy shrank a tenth of a percent in the first quarter of this year before it started expanding again in April. Italy has been in recession for more than two years, but the latest data from Italy's national statistics agency suggests things may be turning around. The performance of Europe's third largest economy is an important indicator of overall economic stability in the Eurozone, which is why efforts are underway to get European nations to broaden the way they calculate their GDP to include underground activity like smuggling, narcotics and prostitution. CCTV's Brussels correspondent Sandra Gathmann has more details.
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Peter Schiff, CEO of Euro Pacific Capital joined CCTV’s discussion on underground economy.
Interview with Peter Schiff on Underground Economy

Interview with Peter Schiff on Underground Economy

Peter Schiff, CEO of Euro Pacific Capital joined CCTV's discussion on underground economy.
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