The central budget posted a deficit of around PLN 38.5bn (EUR 9.2bn), or around 74.7% of the updated annual plan (of PLN 51.6bn), at the end of November, according to vice-minister of finance Hanna Majszczyk.
In November alone, a surplus was reported, she added. In Jan-Oct, the budget gap was PLN 39.48bn, or 76.6% of the annual limit.
She explained that the November surplus resulted primarily from lower-than-planned spending, while PIT revenue improved in annual terms and revenue from other taxes was slightly lower than a year earlier.
Earlier, minister of finance Mateusz Szczurek announced that in the whole year, the central budget deficit will be by a few billion zloty below the amended budget law's provisions.
Recently, vice-minister of finance Wojciech Kowalczyk said that in the whole year, the central budget will probably post a deficit by PLN 3-10bn (EUR 0.7-24bn) short of the revised target limit.
In October, the government-proposed amendment to the 2013 state budget law took effect, increasing the deficit limit by 16bn (EUR 3.8bn) to PLN 51.6bn (EUR 12.1bn). The move was accompanied by cuts in public spending to the tune of PLN 7.66bn vs. the original plan, presented in mid-July, of PLN 8.0-8.6bn.
It is worthwhile to note, however, that Poland's central budget deficit is a much narrower concept that the general government deficit.
Related Articles
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
Ukraine’s NovaPay launches European app for financial services with Polish partner
Ukrainian financial services group NovaPay has launched a European version of its mobile application, aimed at Ukrainians and EU residents, in partnership with Polish payment institution Quicko, ... more
Russian drones targeted Rzeszów airport hub, media claim
Russian drones, which breached Polish airspace in the early hours of September 10, might have been targeting the airport in Rzeszów, which is vital for the West’s military supplies to Ukraine, ... more