This data comes from Istat, which revealed on Friday that the value of the non-observed economy had increased by €5 billion since the previous year, when it contribited 12.9 percent of the total GDP.
The bulk of the money comes from the underground economy, which contributed €194 billion (12 percent of the GDP) last year, while illegal activity brought in around €17 billion.
Between 2011 and 2014, the value of the unobserved economy has steadily risen to 13 from 12.4 percent of the total GDP.
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The biggest chunk (46.9 percent) is down to companies under-declaring their income, while a further 36.5 percent comes from illegal labour. Eight percent comes from illegal activities, including prostitution, drug dealing and bribery.