The central budget posted a deficit of PLN 25.95bn (EUR 6.06bn) at the end of July, which is 73.0% of the annual plan, as the ministry of finance has announced in its final data. Last month, it saw the seven-month gap at PLN 25.92bn, or 72.9% of the yearly limit, according to its preliminary data (a month earlier, it reached 72.7% of the annual limit).
In January-July, the budget revenue reached PLN 158.50bn. i.e. 52.9% of the plan, and expenditure - PLN 184.45bn, i.e. 55.1%.
According to the ministry's earlier budget realization schedule, the seven-month gap was projected at PLN 26.29bn, or 73.9% of the ceiling. It is worthwhile to note, however, that Poland's central budget deficit is a much narrower concept that the general government deficit.
In late August, the government passed an amendment to the 2013 budget law, raising the central budget deficit's limit by PLN 16bn to PLN 51.6bn. The move was accompanied by cuts in public spending to the tune of PLN 7.66bn vs. the plan, presented in mid-July, of PLN 8.0-8.6bn.
Related Articles
Kazakhstan’s Freedom fintech sets out to emulate and exceed Revolut in Europe
Freedom Holding Corp (Nasdaq: FRHC) is positioning itself to expand deeper into Europe’s financial services market with plans to launch a digital bank in France, backed by a €500mn ($572mn) ... more
Eurozone manufacturing growth hits four-year high in April but Middle East war drives record price surge
Eurozone manufacturing activity expanded at the fastest pace in nearly four years in April as factories rushed to build safety stocks ahead of expected price rises and supply shortages linked to the ... more
Poland’s BGK to begin operations in Ukraine under new cooperation deal
Polish state development bank BGK will launch operations in Ukraine following the signing of a cooperation agreement between the two countries’ economic ministries, reported Ukraine Business News. ... ... more