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MPs pass 2011 budget


2010-12-19



The Sejm on 17 December approved the budget bill for 2011. It envisages a central deficit of maximally PLN 40.2bn (approx. €10.1bn), down from PLN 52.2bn (€13.1bn) officially forecast for this year. State budget revenues are projected to come in at PLN 273.3bn (€68.4bn) next year, while expenditures are to reach PLN 313.5bn (€78.5bn). The reduction in the deficit is to be achieved through a combination of faster GDP growth driving higher tax receipts, tax increases (e.g. a rise in VAT) and spending cuts (a new spending cap tied to inflation).

Finance minister Jacek Rostowski described the budget as “cautious” and the first major step towards consolidation of public finances.

The 2011 budget is premised on GDP growth of 3.5%, up from 3% forecast for this year, and inflation of 2.3%. The unemployment rate is to fall to 9.9% by the end of next year (from 12.3% at end-2010), thanks to the net addition of nearly 190,000 new jobs.



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