Preliminary data see Polish budget deficit at 44.8% of plan at end of May

By bne IntelliNews June 17, 2014

The central budget posted a deficit of PLN 22.47bn (EUR 5.45bn) at the end of May, which is 47.3% of the annual plan, according to preliminary data of the ministry of finance.

A month earlier, the gap was PLN 21.31bn, or 44.8% of the full-year plan. According to the ministry of finance's budget realisation schedule, the central budget deficit was to rise to PLN 28.79bn, or 60.6% of the whole-year limit, at the end of May.

In January-May, the budget revenue reached PLN 115.13bn. i.e. 41.4% of the plan, and expenditure - PLN 137.60bn, i.e. 42.3% of the yearly limit. Tax revenue totalled 105.94bn, or 42.7% of the annual target. Indirect taxes' revenue were realized in 43.3%, CIT revenue - in 47.6% and PIT revenue - in 38.4%.

Privatization revenue reached 0.15bn, or 4.0% of the whole-year target of PLN 3.70bn.

The 2014 state budget law stipulates for central budget deficit of no more than PLN 47.5bn and takes into account the changes introduced in the privately-held open pensions funds (OFEs) system in February (i.e. writing off state obligations to the tune of 8-9% of GDP).

It is worthwhile to note, however, that Poland's central budget deficit is a much narrower concept that the general government deficit.

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