Preliminary data see Polish budget deficit at 76.5% of plan at end of September

By bne IntelliNews November 18, 2013

The central budget posted a deficit of PLN 39.45bn (EUR 9.40bn) at the end of September, which is 76.5% of the updated annual plan of PLN 51.57bn (the original annual limit was PLN 35.57bn), according to preliminary data of the ministry of finance.
A month earlier, the gap was PLN 29.64bn, or 83.3% of the original plan.
In January-October, the budget revenue reached PLN 231.55bn. i.e. 84.0% of the plan, and expenditure - PLN 271.00bn, i.e. 82.8% of the yearly limit. Tax revenue totalled 200.09bn, or 83.7% of the annual target. Indirect taxes' revenue were realized in 84.1%, CIT revenue - in 85.3% and PIT revenue - in 81.6%.
Privatization revenue reached 1.91bn, or 38.1% of the whole-year target of PLN 5.00bn.
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.
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.
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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