FinMin sees Poland's budget deficit at EUR 6.5bn in Jan-Jul vs. plan of EUR 9.4bn

By bne IntelliNews July 31, 2014

The central budget will probably post a deficit of around PLN 27.0 (EUR 6.5bn) in January-July vs. gap of PLN 38.9bn (EUR 9.4bn) assumed for this period in the annual budget realisation schedule, according to vice-minister of finance Hanna Majszczyk.

She told the Polish Press Agency that tax revenue was positive, but the ministry still awaited VAT settlements and possible returns of this tax.

In January-June, the central budget posted a deficit of PLN 25.36bn (EUR 6.12bn), which is 52.9% of the annual plan, according to preliminary data of the ministry of finance. A month earlier, the gap was PLN 22.36bn, or 47.1% of the full-year plan.

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).

It is worthwhile to note, however, that Poland's central budget deficit is a much narrower concept that the general government deficit.

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