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Updated Convergence Programme: deficit to fall below 1% of GDP in 2015


2012-04-25



The Ministry of Finance expects the general government deficit to drop to 2.9% of GDP by the end of 2012 and the general government debt to fall to 53.7% of GDP, as part of an ongoing fiscal consolidation plan spread over the next four years, according to an updated version of the Convergence Programme, a document that outlines Poland’s road to the euro, approved by the government on 25 April.

The Programme envisages a gradual reduction of deficit and debt levels until 2015, thanks to a combination of tax increases, spending cuts, and solid GDP growth.

The general government deficit is to shrink further to 2.2% of GDP in 2013, to 1.6% in 2014 and to 0.9% in 2015. The general government debt is to fall to 52.5% of GDP in 2013, 50.6% in 2014 and 49.7% in 2015.

Real GDP growth is forecast to be 2.5% in 2012, 2.9% in 2013, 3.2% in 2014, and 3.8% in 2015.

See also the news item "General government deficit down to 5.1% of GDP in 2011".

General government deficit and debt in Poland, 2008-2015
p − projection
GUS, Ministry of Finance, 2012
20082009201020112012p2013p2014p2015p
General government deficitPLN bn 46.9 99.1 111.2 78.0 - - - -
% of GDP 3.7 7.4 7.8 5.1 2.9 2.2 1.6 0.9
General government debtPLN bn 600.8 684.1 776.8 858.9 - - - -
% of GDP 47.1 50.9 54.8 56.3 53.7 52.5 50.6 49.7


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