Excessive deficit procedure likely to be lifted in 2016

Poland’s Ministry of Finance believes that the European Commission may close the excessive deficit procedure for Poland in 2016, based on data on deficit in 2015, the ministry’s chief economist Ludwik Kotecki was quoted as saying by the Polish Press Agency. In November 2013, the EC said that Poland should end its excessive deficit period in 2015, reducing the deficit to 4.8 percent in 2013, 3.9 percent in 2014 and 2.8 percent in 2015. According to a data release published by the Central Statistical Office on Friday, Poland’s general government deficit was at 4 percent of the GDP in 2013, when calculated with the use of ESA2010 methodology. An earlier ESA95 estimate saw the figure at 4.3 percent.