EC: Poland's general gov't deficit down to 5.8% of GDP in 2011, 3.6% in 2012.

By bne IntelliNews May 16, 2011
Poland's general government deficit will likely fall to 5.8% of GDP in 2011 and to 3.6% in 2012 from last year's 7.9%, according to estimates of the European Commission, presented in its spring forecasts report. "As a result of the reforms implemented and the changes in the macroeconomic environment the headline deficit is expected to drop from 7.9% of GDP in 2010 to 5.8% of GDP in 2011. The headline deficit is projected to fall to 3.6% of GDP in 2012, driven by further budgetary consolidation," the report reads. The recent update to Poland's EU convergence programme, the government assumed lowering the gap to 5.6% of GDP in 2011 and to 2.9% in 2012, this meeting the EU requirement of coming out of the excessive deficit procedure by that time. The pace of general government debt increase is projected to slow considerably, supported by the liquidity management reform introduced in 2011 and ambitious privatisation plans, the EC added. "After a sharp increase from 47.1% of GDP in 2008 to 55.0% of GDP in 2010, the debt ratio is projected to grow marginally to 55.4% in 2011 and fall back to 55.1% in 2012," the report reads. ISB

EC: Poland's general gov't deficit down to 5.8% of GDP in 2011, 3.6% in 2012.

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