Definition of grey economy in English:

grey economy

(US gray economy)

noun

  • The part of a country's economic activity that is not accounted for in official statistics.

    ‘the growing grey economy is also a reason for the revenue deficit’
    • ‘But city officials say the chaotic market needs a cleanup and the gray economy needs to move out of the shadows.’
    • ‘Unlicensed mills are part of a gray economy that has come to define development in the Amazon.’
    • ‘There are 20 million participants in the U.S. gray economy who aren't illegal, who are legitimate citizens.’
    • ‘Most children working without a contract are hired in the grey economy.’
    • ‘The country's grey economy is robbing the Government of close to 1.6 billion euro in unpaid taxes annually.’
    • ‘The finger of suspicion is also being pointed at operators in the grey economy, where thousands of sole traders and self-employed are believed to have migrated in order to survive.’
    • ‘Mr Delaney believes the burgeoning grey economy is a major factor in the sharp drop in income and other tax in the past few years.’
    • ‘A further 150m euros would be generated by reducing the so-called grey economy, smuggling and illegal tobacco trafficking.’
    • ‘A reduction of five to six per cent in social security contributions will also be introduced to help counter the grey economy.’
    • ‘Data suggests informal work in Greece - which already has one of the largest grey economies in the eurozone - is rising quickly.’