The Ministry of Finance published preliminary data on the implementation of the state budget in the first 4th of 2024. The results are alarming – income has fallen significantly, and the deficit is increasing at an alarming rate.
Revenue down, expenditure up – Disturbing trends
According to the ministry headed by Andrzej Domański, from January to March 2024:
- Budgetary gross amounted to PLN 118.4 billion, which is just 18.7% yearly assumptions.
- Expenditure amounted to PLN 194.7 billion, which is 21.1% plan.
- Deficit amounted to PLN 76.3 billionwhich translates into 26.4% of the yearly target.
Compared to last year, the situation is even worse:
- Revenue decreased by PLN 28 billion (19.1%), including importantly reduced taxation revenues.
- Expenditure increased by PLN 23.8 billion (13.9%), mainly due to the repayment of bonds of the Polish improvement Fund related to the programme “Financial Tarczcza”.
Why is the income so down?
The Ministry indicates that 1 of the reasons is reform of local government funding, which changed the distribution of revenues from PIT and CIT.
"Consequently, the State budget shares are incomparable between these years" – explains the ministry.
The largest expenditure was recorded in the following areas:
ZUS
National Defence
Economy
Subsidy to self-government
Health
The opposition alarms: "This is dramatic data"
Critical voices flow from the opposition. PiS MP Zbigniew Kuźmiuk named the results "dramatically bad".
“The gross of only PLN 118,5 billion, if it were realised for the next 3 quarters at this rate, there would be about PLN 160 billion (a gross of PLN 633 billion was planned), while the deficit was already over PLN 76 billion, i.e. in the full year it would exceed PLN 305 billion” – he wrote on the X platform.
Kuźmiuk warns that income breakdown at rigid expenditures may lead to serious public finance crisis The presidential election is over.
What next with the Polish budget?
If current trends persist, the government may face a necessity deep cuts in expenditure or increased debt. Does the finance department have a recovery plan? There are no circumstantial declarations so far.
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Giant budget hole! Ministry of Finance presents shocking data for the first 4th of 2024
