Morawiecki says budget deficit to be PLN 40bn-41bn in 2017

Deputy PM and Finance Minister Mateusz Morawiecki said Wed. that the state budget deficit would be some PLN 40bn-41bn in 2017 and that the general government deficit would be some PLN 50bn, according to comments cited being made to a Sejm public-finance committee hearing by the state news agency PAP. The state deficit includes the PLN 8.7bn inflow from the NBP as a share of its 2016 profit, but ESA2010-compliant figures don’t include profit transfers from a central bank. Morawiecki noted that a PLN 50bn general government deficit would be some PLN 10bn below the PLN 60bn planned. The deficit could thus be some 2.6% of GDP, or even 2.5%, he said.

Overall, the PLN 40bn-41bn figure given by Morawiecki is actually higher than the PLN 32.9bn deficit forecast for the year in documents attached to the initial budget bill for 2018. It is unclear where the extra PLN 7bn-8bn stem from or whether Morawiecki wants to raise expectations in order to beat them later. No matter, the deficit will still be well below the ceiling of PLN 59.3bn planned for 2017.

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