Poland's general government deficit continued to fall in 2012, but it reached a level higher than anticipated by the government or the European Commission. National stats office GUS reported that it amounted to PLN 62.698bn, or 3.9% of GDP last year vs. 5.0% of GDP in 2011 (and its peak of 7.9% of GDP in 2010).
The Polish government expected the deficit at 3.4-3.5% of GDP in 2012 and hoped to cut it slightly this year. EC saw the gap at 3.5% in 2012 and 3.4% in 2013.
According to the EDP notification sent to Eurostat, in 2012, the general government debt amounted to PLN 886.779bn, or 55.6% GDP (vs. 56.2% of GDP in 2011), GUS also reported.
Together with the release on general government deficit and debt in 2012, GUS has issued updated 2011-2012 (annual and quarterly) GDP estimates (taking into consideration, among other, more complete information about the results for the whole 2012 in terms of corporate finance, general government sector as well as foreign trade in goods and services and also others, mainly from administrative sources).
As compared to the revised version published in September of 2012, GDP real growth in 2011 was higher by 0.2pps and amounted to 4.5%. Throughout 2012, in comparison to the preliminary estimate published in January of 2013, the real growth was lower by 0.1pps and amounted to 1.9%, the stats office reported.
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