November 26, 2020

Poland approves the first budget without deficit since the end of communism

The Polish Parliament (Sejm) approved on Friday a national budget with zero deficit for this 2020, the first budget without deficit since the fall of communism, in a year in which the Polish Executive expects the economy to grow 3.7% and inflation is around 2.5%.

During the presentation of the accounts, the Prime Minister, Mateusz Morawiecki, stressed that they are ‘the best approved in Poland in the last 30 years’.

“In the face of global instability, the economic slowdown in the whole of the European Union and the tensions between China and the US, our budget is presented as a balanced option to face the year 2020 with a sense of security and confidence,” said Morawiecki .

The accounts provide for a balanced budget of 435,300 million zloty (about 102,000 million euros).

The Polish economy, in uninterrupted growth during the last 25 years, closed the last quarter of 2019 with an expansion of 3.1% of its gross domestic product (GDP), although in quarterly terms the economy contracted by eight tenths.

The Polish Government recognizes the “slight” slowdown in the economy, although the growth forecast for 2020 remains above 3.5%. The community average is estimated at 1.4%.


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