Polish cabinet OKs 2024 draft budget

The Polish cabinet has approved the 2024 draft budget, Mateusz Morawiecki, the Polish prime minister, told a press conference on Thursday afternoon.

"Budget revenues are rising... this year it will be PLN 605 billion (EUR 135 bln), next year over PLN 680 billon (EUR 152 bln)," Morawiecki said.

A presentation by the Prime Minister's Office showed planned 2024 budget revenue at PLN 683.6 billion (EUR 152.8 bln).

Next year's budget expenditures are listed at PLN 848 billion (EUR 189 bln), thus implying a budget deficit of PLN 164.6 billion (EUR 36.7 bln).

Poland expects GDP growth in 2024 to settle at 3.0 percent, with average annual inflation seen at 6.6 percent, said Magdalena Rzeczkowska, the finance Minister, at the same press conference.

The figures are in line with assumptions adopted back in June, when Poland was revising its 2023 budget.

Public sector deficit is expected to hit 4.5 percent of GDP in 2024, Morawiecki said.

The prime minister failed to provide a total 2024 spending breakdown but said that over PLN 190 billion (EUR 42.4 bln) will go on healthcare, PLN 137 billion (EUR 30 bln) on social programmes and PLN 158 billion (EUR 35 bln) billion on security and defence.

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