YEREVAN. – During the 11 months of 2019, 214 million drams were recovered as a result of surfacing shadow economy in Armenia, this applies to almost all sectors, but small businesses are almost absent here. Edvard Hovhannisyan, Deputy Chairman of the State Revenue Committee (SRC), stated about this during a meeting with journalists today.

Asked about the amount of shadow economy in Armenia, given that the SRC chairman had spoken about 22 percent, Hovhannisyan said: "In the past, the amount of the shadow [economy in Armenia] was much larger, there was a talk about 40 percent, but now it’s about 20-22 percent. Of course, in developed countries the shadow economy is much lower - 10-12 percent, but the estimates are very approximate.

I can't say by how many percent the shadow is planned to be cut each year [in Armenia]; it must be evaluated by the results of the work. But those are very approximate numbers."