The excessive deficit procedure removed this year? – Polish Radio

It is estimated that the deficit will fall this year to 2.7 percent. GDP and the economy will grow by 3.4 percent.
As he said, according to the latest CSO data, 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 – the minister said.

The decision within two months?

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, the Commission may be removed from the Polish excessive deficit procedure as early as this year. The Minister expects that the European Commission shall make a decision on the matter “within the next two months.” According Szczurek
deficit reduction process will continue. – We expect that this year’s public finance deficit will be reduced to 2.7 percent. – He said.
The Minister pointed out that, according to the Central Statistical Office Economic growth in 2014 was 3.4 per cent., And thus was higher than previous estimates. – Our forecast for 2015 is 3.4 percent. growth, which is the same (…), but the first months of the year show that the labor market situation is better, industrial production is very solid and there is a chance that this growth will be higher than 3.4 percent. – He said, adding that “this happens despite deflation.”

For whom the excessive deficit procedure?

A spokeswoman for the Ministry of Finance Wieslaw Dróżdż announced that the decision Picture procedures may be adopted in June.

The EU’s excessive deficit procedure is applied to a country whose deficit exceeds 3 percent of GDP, or the level of public debt rises above 60 percent of GDP. Excessive deficit in recent years has forced the government to savings, among other things, to increase VAT. A spokeswoman for the Ministry of Finance said that in the event of the abolition of the procedure, at the moment there are no plans for changes in the state budget.

PAP / IAR / mp