Public debt hits 46% of GDP

The country's public debt amounted to zł. 353.84 billion or 46% of GDP - close to the first warning line of 50% of GDP. The figure would be even worse, but for adjustments to EU standards of the means by which GDP is calculated, thanks to which it was a little higher. Analysts warn that public debt might exceed the 50% mark in 2003 and reach 55% in 2004. "Growing debt is a promise to increase our taxes in the future. Moreover, this increases investment risk and delays decisions on initiating investment projects," said BPH PBK analyst Krzysztof Rybiński. (Rzeczpospolita, p. B1) ... In the meantime, Polish companies exported goods worth euro 10.45 billion and imported goods worth euro 13.78 billion over Q1 2003. In comparison to the same period last year, exports increased by 1.3% and imports grew by 1.5%. (Rzeczpospolita, p. B2) M.M.