Morawiecki: deficit to reach PLN 50 bln

After achieving, for the first time in history, a budget surplus (PLN 6 billion) in H1, deputy PM Mateusz Morawiecki said that for the whole year, the budget deficit would reach PLN 50 billion, “or slightly below that figure.”

“This year’s deficit will be very low. It will be below PLN 50 billion, which is less than 2.5 percent of GDP,” Morawiecki said. The budget for this year assumes a PLN 59.3 billion deficit.

If Morawiecki calculations were true, that would mean, that H2 deficit will easily surpass PLN 50 billion. The result for the first six months was boosted by one-off PLN 8.74 billion payment from the Central Bank (NBP), low level of investments (according to mBank economists the investment-to-GDP ratio is the lowest since 1996) and record-high income from VAT.

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