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General government deficit rises to 7.9% of GDP in 2010


2011-04-26



In 2010 the general government deficit reached almost PLN 111.2bn (approx. €27.8bn), i.e. 7.9% of GDP, the Central Statistical Office (GUS) reported. This compares to 7.3% of GDP in 2009.

At the same time, the general government debt totalled a little over PLN 778.2bn (€194.8bn) in 2010, which equalled 55% of GDP, up from 50.9% the year before, according to the Eurostat methodology. Measured by the Ministry of Finance’s calculation method, which leaves out spending on the National Road Fund (KFD), the figure was about PLN 30bn (€7.5bn) lower than this, and represented 53% of GDP, according to preliminary estimates. This means that public debt as measured by local methods remained below the 55% of GDP level whose crossing would trigger drastic fiscal adjustments.

Eurostat data show that Poland's government debt remains moderate by EU standards. At the end of 2010 the average government debt to GDP ratio in the EU27 rose to 80% from 74.4% at the end of 2009; in the euro area it increased to 85.1% from 79.3%. By contrast, its general government deficit is higher than the EU average, which was 6.4% of GDP at the end of 2010, down from 6.8% a year earlier (in the euro area it was 6%, down from 6.3%).

The Maastricht Treaty stipulates that eurozone members should have public debt below 60% of GDP and annual budget deficits below 3% of GDP.

See also the news item 'Revised Convergence Programme: government deficit to fall to 2% of GDP in 2014'.



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