FinMin: Public sector deficit at 3.3% of GDP in 2014

Public sector deficit amounted to 3.3 percent of GDP in 2014, Finance Minister Mateusz Szczurek told Bloomberg Businessweek Polska. In 2015 the deficit will drop below 3 percent which will allow Poland to exit the Excessive Deficit Procedure (EDP) the following year and return to the VAT rate that was in effect before its increase, he added. “The EDP will be withdrawn in 2016. When we exit it, we will lower the VAT rate to the level which was in effect before the increase,” he said. The EDP is imposed by the EU on member countries with an excessive deficit.  Poland is under the EDP since 2009, the procedure was however suspended in 2014.