Polish FinMin sees budget deficit at around 74.7% of annual plan in Jan-Nov

By bne IntelliNews December 12, 2013

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

RBI doubles net profit y/y in Q1 as Russian business recovers

Raiffeisen Bank International (RBI), the second largest bank operating across Central and Eastern Europe by assets, reported that net profit almost doubled year-on-year to €220mn in the first ... more

Poland shrugs off EU bid to toughen rule of law probe

The EU’s General Affairs Council urged Poland on May 16 to talk with the European Commission about its alleged violations of the rule of law, as Brussels continued to hold back from imposing ... more

Moody’s raises outlook on Poland to stable

Moody’s Investor Service affirmed Poland’s sovereign credit rating at 'A2' on May 12, and raised the outlook on the sovereign to stable. The improvement of the outlook comes on the back of ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Dismiss