Poland’s deficit rises to 6.6% of GDP

WARSAW: Poland’s general government deficit rose to 6.6 per cent of gross domestic product in 2024 from 5.3 per cent a year earlier, mainly due to increased defence spending and lower VAT revenues, Finance Minister Andrzej Domanski said on Tuesday.

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Preliminary deficit data was published on Tuesday by the statistical office, which also reported that the public debt to GDP ratio was 55.3 per cent last year, compared to 49.5 per cent in 2023. The acceleration of spending on rebuilding defence capabilities, lower than expected consumption (higher savings) translating into lower VAT revenues, and flood-related expenses are the main reasons for the higher deficit in 2024,” Domanski wrote on X.