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Budget deficit at PLN 25.1bn in 2011


2012-02-23



The central budget deficit amounted to PLN 25.1bn (approx. €6.1bn) in 2011, i.e. just 62% of the official projection of PLN 40.2bn (€9.8bn), the Ministry of Finance says in a new report Public finances in Poland during the crisis, released on 22 February. The better-than-expected fiscal performance achieved last year was due chiefly to a substantial reduction of public spending. As a result, state budget expenditures were PLN 10.7bn (€2.6bn) lower last year than originally planned. Revenues were also higher than projected.

The report notes that as the only EU country to avoid recession during the past four years, Poland’s GDP grew by a cumulative 15.8% between 2008 and 2011, by far the best result in the entire EU and almost twice the figure achieved by second-placed Slovakia (8%). The EU economy as a whole contracted by 0.5% over the four-year period.

The 2012 budget bill provides for a deficit of PLN 35bn (€8.5bn).



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