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Revised Convergence Programme: government deficit to fall to 2% of GDP in 2014


The government plans to bring the general government debt below 51% of GDP and the general government deficit to 2% of GDP by the end of 2014, according to an updated version of the Convergence Programme, a document that outlines Poland’s road to the euro, approved by the cabinet on 26 April.

The Programme envisages a gradual reduction of deficit and debt levels over the next four years, thanks to a combination of higher VAT rates introduced on 2011; pension reform; a 1% cap on real-terms increases in spending; and faster GDP growth of 4% in 2011-2012.

Thus, the general government deficit, which reached 7.9% of GDP in 2010, is to fall to 5.6% of GDP by the end of this year, 2.9% of GDP at the end of 2012, 2.5% at the end of 2013 and 2% of GDP at the end of 2014. The general government debt, which according to the Eurostat methodology equalled 55% of GDP in 2010, is projected to ease to 54.9% in 2011, 54.1% in 2012, 52.4% in 2013, and 50.8% in 2014.

See also the news item 'General government deficit rises to 7.9% of GDP in 2010'.

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