Polish FinMin starts consulting 2015 budget draft with 3.8% GDP growth

By bne IntelliNews May 13, 2014

The ministry of finance has submitted the tripartite commission (an advisory body consisting of representatives of government, employers and trade unions) with preliminary macroeconomic forecasts to be used in works on the 2015 central budget draft. The ministry stressed that these guidelines are in line with the figures included in the recent update to Poland's EU convergence programme.

Under this scheme, GDP growth is expected to accelerate to 3.3% in 2014 and to 3.8% in 2015 from last year's 1.6%. The unemployment rate is projected at 9.8% in 2014 and further down at 9.3% in 2015 and 7.9% in 2017.

At the same time, inflation is expected to remain subdued: the average annual figure is seen at 1.2% in 2014 vs. 0.9% in 2013 and should accelerate later, only to ease to 2.2% in 2017, thanks to the return to lower VAT rates planned for that year.

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