IMF ups Poland's 2012 general government deficit forecast to 3.4% of GDP.

By bne IntelliNews October 9, 2012
Poland's general government deficit will probably amount to 3.4% of GDP in 2012 (vs. earlier expected 3.1%) and will shrink to 3.1% of GDP in 2013, only to go below the EU limit (of 3.0%) in 2014, when it will reach 2.6% of GDP, according to forecasts of the International Monetary Fund (IMF) included in its Fiscal Monitor. In 2015-2017, the figure is expected at 2.3%, 2.1% and 2.1%, respectively. The country's general government debt is projected at 55.1% of GDP in 2012 and at 55.3% in 2013 vs. last year's 56.3%. IMF noted that since 2009, Poland has launched a number of measures to improve its standing; these included on the expenditure side: public wage freeze/ reduction, control of the size of the civil service, savings from pension-related spending, reduction in social benefits; on the revenue side: increase in PIT, increase in capital gains tax, increase in social security contribution rates, increase in VAT, increase in excises.

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