Recession fuelling the black market

Palma.—A report released by Spanish tax office workers union Gestha yesterday shows that in 2012, the black market in the Balearics was worth 6,420 million euros which is equivalent of 24.8 percent of the region’s GDP (Gross National Output).
However, according to the tax office,  the Balearics is relatively low down the scale when it comes to the amount of undeclared money.
At a national level, Spain’s underground or black economy ballooned to almost 25 percent of the country’s gross domestic product in 2012 as a result of the crisis.