Eurostat: Poland’s general government deficit will increase to PLN 189.14 billion in 2024

The deficit of the government and local government sector (the so-called general government) of Poland will increase to PLN 189,141 million in 2024 from PLN 173,832 million in 2023, Eurostat reported in its fiscal notification regarding the excessive deficit procedure (EDP).

The central sector deficit is forecast at PLN 184,629 million in 2024 compared to PLN 135,585 million in 2023, the local government sector - respectively: PLN 3,756 million compared to PLN 24,173 million, while social security funds - at PLN 757 million compared to PLN 14,074 million, was given in the notification.

Eurostat yesterday reported that Poland was one of the 23 EU Member States that recorded a general government deficit last year, including one of 11 countries whose deficit exceeded the EU limit of 3% of GDP. Poland recorded a deficit of 5.1% of GDP, which placed our country in the 5th position in terms of the deficit in the EU.

In mid-April, the International Monetary Fund (IMF) reported in its forecasts that Poland’s GDP growth will be 3.1% in 2024 (compared to 2.8% expected for this year in January). The IMF increased its forecast at 2025 to 3.5% from 3.2%.

In mid-February. The European Commission (EC) maintained the forecast of Poland’s GDP growth for this year at 2.7% and next year at 3.2%. According to the Commission, this year's economic activity will be mainly driven by private consumption.

Source: Eurostat and ISBnews