Europe’s struggle to recover from the recent financial crisis has been well documented, but some of its countries could be about to get a much-needed boost – from sex, drugs and other illegal activities.
Efforts by the European Union (EU) to harmonize how countries measure their economic output will see parts of the shadow economy – or black market – included in gross domestic product (GDP) calculations. This overhaul of the region’s national accounts, which comes into force in September 2014, will see prostitution and the sale of illegal drugs included in the GDP of all European member states.
The controversial move looks set to boost the economies of some EU member states – on paper at least.
On Thursday, the U.K.’s Office for National Statistics said the inclusion of certain illegal activities – such as prostitution, and the importation, manufacturing and consumption of drugs – would add around £10 billion ($16.75 billion), or around 0.7 percent, to annual economic output.