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17.04. Washington (PAP) – Minister of Finance Mateusz Szczurek expects that the European Commission earlier this year Polish relieve the excessive deficit procedure. The head of the Ministry of Finance estimates that the deficit will fall in 2015 to 2.7 per cent. GDP, and the Polish economy will grow at least 3.4 percent.
As Szczurek said on Friday in Washington, according to the latest, published the day CSO Polish public finance deficit declined in 2014 from 4 percent. to 3.2 per cent. “This is a result of which, according to Polish allows you to image the excessive deficit procedure as early as 2015, that is, a year earlier than we expected,” – said the Minister.
He explained that this result “adjusted for the cost of systemic pension reform that Poland suffered during the first seven months of 2014 is less than 3 per cent.”, That is in force in the EU reference ceiling. Therefore, he added, expects that the European Commission may be removed from the Polish excessive deficit procedure as early as this year. He expressed his expectation that the Commission will decide on the matter “within the next two months.”
According to the process of reducing the deficit Szczurek will continue. “We expect that this year’s public finance deficit will be reduced to 2.7 percent.” – He said. And these numbers – he added – in the coming days will be sent to Brussels.
Speaking of pictures of the expected consequences of the excessive deficit procedure Polish minister stressed that this means that “Poland joins the group of countries that have a deficit in line with EU guidelines,” and besides, “we have to a lesser extent, limit public expenditure in 2016 in accordance with our own expenditure rule “.
Szczurek warned that this does not affect the prospect of Polish accession to the euro zone. “The fact that a possible exit from the excessive deficit procedure does not mean that Poland in any way accelerates its way into the euro,” – he said. He reiterated that the Polish this decision is mainly connected with the improvement of the situation in the euro area, which is still experiencing problems with Greece.
“As long as the euro zone will not be ready, as long as we do not we will be ready in a sustainable manner for the functioning of the economic benefits of the euro area, we will not meditate, or served any date of entry to the zone euro “- he said.
The Minister pointed out that the data relating to Polish economic growth in 2014 are better than previously estimated. Central Statistical Office announced on Friday, the Polish GDP increased in 2014 by 3.4 per cent., And the Office spoke earlier estimates GDP growth at 3.3 per cent.
“The Polish economy is in very good condition. Our forecast for 2015 is 3.4 percent. Growth, which is the same as final results for 2014 years, but the first months of the year show that the market work is better, industrial production is very solid and there is a chance that this growth will be higher than 3.4 percent. And this is happening despite deflation, “- he said. He stressed that, despite the deflation or nominal wages are rising Polish workers.
Szczurek admitted, however, that if deflation would persist in Poland, it is “dangerous for the economy.” “I hope that at the end of deflation persists, although, indeed, it is a cause for concern. If she had to drag out for an extended period of time would be a challenge not only for fiscal policy, or government, but mainly for the Polish National Bank policy” – he said.
According to the data of the Central Statistical Office, in March, prices fell by 1.5 percent. compared to March last year, compared with a decrease of 1.6 percent. in February. Also, the International Monetary Fund on Tuesday announced the latest projections estimates that in 2015 in Poland deflation of 0.8 percent.
The Ministry of Finance announced on Friday in a statement that a significant improvement in public finances in 2014. Was a result of enforcement activities and beneficial consolidation of public finances structure of economic growth.
“Fiscal consolidation in 2014. Included both the reduction of expenses and increase revenues of the government. The ratio of national expenditure to GDP (not taking into account the expenditure financed from EU funds, which are the ultimate beneficiary institutions sector entities government) stood at 40.4 per cent., ie. by 0.4 pp. lower than in 2013. At the same time spending on public investment which, in accordance with the recommendations of the Ecofin Council should not be an area of consolidation, increased by 0.3 per cent. of GDP, ie. by 11.9 per cent. r / r “- written.
MF added that the ratio of domestic revenue sector general government to GDP increased in 2014. By 0.5 percentage point. It was, inter alia, the effect of extending the scope of the general government and self-government of the PKP Polish Railway Lines, action plan to increase the level of tax compliance and effectiveness of tax administration, as well as macroeconomic factors, which generally (except for the evolution of prices of goods and services) positively influenced the realization of income.
“After the excessive deficit fiscal policy objective will be to medium-term objective (MTO), which is a structural deficit of 1 per cent. Of GDP. Therefore, in 2015-2016 thanks compliance stabilizing expenditure rule will be continued fiscal consolidation, which will reduce the deficit to 2.7 per cent. of GDP and 2.3 per cent. of GDP “- added.
From Washington Inga Czerny
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