BUSINESS

Poland likely to exit excessive deficit procedure in 2016

The Polish government has “very high” chances of exiting excessive deficit procedure in 2016 given latest fiscal counts, Finance Ministry chief economist Ludwik Kotecki told   last week
“We see that situation was much better than what previous estimates suggested,” Kotecki said. “We have to look differently on the European Commission’s recommendations issued last year that are still in effect, that in this context seem too restrictive.”
According to the November 2013 European Commission’s recommendation, Poland should cut its general government deficit to 4.8% of GDP in 2013 and 3.9% in 2014 and 2.8% in 2015, excluding the effects of the recent pension reform.
Poland’s 2013 ESA 2010 general government deficit measured 4.0% of GDP, versus an earlier estimate of 4.3% of GDP according to the ESA ’95 methodology, Central Statistical Office (GUS) said in a statement Friday (WV).

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