Bulgaria’s gray economy increased sharply in volume and currently exceeds EUR 11.7 billion, the Chairman of the Bulgarian Industrial Association Bozhidar Danev announced. Bozhidar Danev specified that the analyses of BIA are based on estimates of the National Statistical Institute, Eurostat and other official institutions and that the real increase of the country’s gray economy is considerably bigger. The Bulgarian Industrial Chamber has proposed a series of measures, including simplification of the tax system and strengthening the analytical unit of the National Revenue Agency, in order to identify hidden turnovers, earnings, insurance payments and other violations.