FinMin satisfied with level of Polish state budget's deficit after February

By bne IntelliNews March 13, 2014

Revenue from indirect taxes in February were "inspiring," but one has to remain cautious as to chances for sustaining such positive trends in coming months, according to minister of finance Mateusz Szczurek. Still, he said that the state budget's realisation in the first two months of the year was very good.
Earlier in the day, the Polish Press Agency reported, quoting a document from the ministry, that the budget deficit reached around PLN 9.5bn in January-February, or around 20% of the whole-year limit of PLN 47.5bn. According to the press agency, budget revenue reached PLN 50.0bn, while spending was PLN 60.4bn.
The ministry earlier reported that according to the final data, the central budget posted a deficit of PLN 2.60bn at the end of January, which is 5.5% of the annual plan. In January of 2014, the budget revenue reached PLN 29.3bn. i.e. 10.5% of the plan, and expenditure - PLN 31.9bn, i.e. 9.8%.
It is worthwhile to note, however, that Poland's central budget deficit is a much narrower concept that the general government deficit.
The 2014 state budget law stipulates for central budget deficit of no more than PLN 47.5bn and takes into account the changes introduced in the privately-held open pensions funds (OFEs) system in February (i.e. writing off state obligations to the tune of 8-9% of GDP).

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Strongly profitable Czech petrochemical maker Unipetrol puts cracker explosion behind it

Unipetrol looks to have finally got over the August 2015 fire and explosion that wrecked its steam cracker, an indispensable installation in the production of ethylene feedstock needed to manufacture ... more

Evolution Equity Partners closes $125mn cybersecurity-focused fund

Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more

Play Communications' Warsaw IPO price sets value at over PLN4bn

Play Communications, owner of second biggest Polish mobile operator P4, has set the price of its upcoming initial public offering (IPO) at PLN36 (€8.5) per share, putting the value ... more

Most Read

  1. Siemens considers quitting Russia
    7 days ago
  2. COMMENT: Gazprom’s exit from Turkey is a sign of the times
    8 days ago
  3. Turkey sends frigates, submarine as row mounts over Greek Cypriot oil, gas drilling
    7 days ago
  4. Nato still has a mixed reception in Emerging Europe
    7 days ago
  5. Wildfires hit Croatia and Montenegro’s Adriatic coast
    3 days ago
  1. CHINA RISING: When sleeping giants meet
    10 days ago
  2. Belarus’ retail king Euroopt goes on the road
    16 days ago
  3. Moldova, Bulgaria, Poland, Albania and Latvia to lose more than 40% of their populations by 2100
    29 days ago
  4. STOLYPIN: Russia’s cyber-challenge cuts both ways
    18 days ago
  5. Siemens considers quitting Russia
    7 days ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss