Still #1, after all these years:
Italy's underground economy has now reached "embarrassing proportions", Deputy Economy Minister Vincenzo Visco admitted on Tuesday, as the government battled to fulfil an election vow to defeat tax evasion.
The underground economy - or business activity which is hidden from the state in order to avoid taxation - now churns out goods and services worth 27% of the official economy, Visco said in a report to parliament.
The 'official' estimates of the value of undeclared business put it at 16-17% of GDP.
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