Illegal activities boost Spain’s GDP by $11 bln
MADRID (AP) — Spain’s National Statistics Institute says money generated by drug trafficking, prostitution, smuggling and illegal gambling contributed some 9 billion euros ($11.4 billion) to the national economy last year.
The institute said Thursday that the country’s gross domestic product is 26.2 billion euros larger — at 1.05 trillion euros — when estimates for illegal economic activities as well as money spent on investigation and research and military armament are included. Illegal activities represented 0.9 percent of total economic activity.
The figures are being included in GDP calculations on the recommendation of the European Union, which is trying to harmonize estimates across member states and get a full picture of economic activity, whether legal or not.
The institute based the estimates for illegal activities on government reports.
I’m pretty sure “GDP” doesn’t mean what it used to mean, anymore.