Budget deficit reached PLN 25.4 bln last year – FinMin

According to the Finance Minister Teresa Czerwińska, the budget deficit in 2017 amounted to PLN 25.4 billion, which represents 42.7 percent of the value planned in the budget bill, and lower by PLN 20.8 billion compared to 2016. “Such low deficit is not a surprise and has developed at the expected level. It is an effect, which should be emphasized, among others, of very good budget revenues, in particular, VAT,”- said Czerwińska.

Based on preliminary information, the ministry said that the state budget revenues in 2017 amounted to PLN 350.5 billion and were higher than forecast in the budget by PLN 25.1 billion. In relation to 2016, revenues grew by 11.4 percent.

Tax revenues in 2017 amounted to PLN 315.3 billion and were higher by PLN 14.2 billion (4.7 percent) compared to the amount estimated in the budget. “The main reason for the higher tax revenues were higher VAT receipts. In 2017, they were estimated at PLN 156.8 billion, up by 23.9 percent y/y.

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