Expenditure on public debt service reached a staggering amount of PLN 80.2 billion in 2024 – 2.5 times more than before the pandemic and the war in Ukraine. Experts point out that the main origin is simply a sharp increase in government debt, which has already exceeded PLN 2 trillion.
Record expenditure on debt management
According to Eurostat, in 2024 Poland spent on public debt service PLN 80.2 billion, which means an increase by 13% compared to the erstwhile year. In 2019, these costs only amounted to PLN 30 billion, which shows how fast the burden on the state budget is growing.
"This large increase is mainly due to the sharp increase in public debt. At the end of 2024, our debt already exceeded PLN 2 trillion. This is PLN 320 billion more than a year before and almost PLN 970 billion more than 5 years ago” – emphasises “Rzeczpospolita”.
Why is debt increasing so fast?
Experts indicate that the main causes of the increase in debt are:
- Social expenditure government programmes that are frequently pre-election.
- COVID-19 pandemic costs and wars in Ukrainewhich have forced additional financial outlays.
- Rising interest rateswhich increase the costs of handling government bonds.
Who's paying for this?
In the end, costs fall on taxable persons. The increase in debt means a higher burden on future budgets, which can lead to taxation increases or cuts in another areas specified as education, wellness or infrastructure.
What happens to public debt?
If the growth trend continues, Poland may shortly get closer to the financial safety threshold, which may affect the country's credit rating by credit rating agencies.
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Daniel Głogowski
Expert in economics and social activities, experienced writer and writer. The first articles were published in 1999 in publications for global publishers. Working with leading planet newsrooms.
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Public debt handling costs are breaking records. We're all paying for this!
