Poland recorded a PLN 18.9 billion (EUR 4.2 billion) budget deficit after April 2020, the Finance Ministry reported in a communique on Monday.
Poland's budget deficit reached PLN 9.4 bln (EUR 2.07 bln) in the first three months of the year, the Finance Ministry reported on Thursday. The data point to the first effects of the coronavirus crisis on the state budget.
The Polish economy will contract by 3.4 percent in 2020 due to the coronavirus pandemic, the Polish government predicted in an updated Convergence Programme, an EU-required fiscal plan for the next three years.
Poland may run up a budget deficit exceeding 4 percent of GDP in 2020 and could be facing deflationary risks, PM Mateusz Morawiecki said on Tuesday night during a Q&A session on Facebook.
Poland will not be in a hurry to amend its 2020 budget as it is still unclear how big the deficit may need to be as the coronavirus epidemic keeps spreading, Finance Minister Tadeusz Koscinski told Polish Radio One on Tuesday.
Rating agency Moody's believes that Poland's economy will shrink by 2.0 percent in 2020 and grow by 3.4 percent in 2021, but sees very little chance for a rating upgrade.
The Polish general government deficit reached 0.7 percent of the country's GDP in 2019, which compares to a 0.2 percent deficit in the previous year, the Central Statistical Office said in a preliminary estimate on Wednesday.
Polish local governments posted a PLN 1.70 bln (EUR 376 mln) deficit in 2019, several times lower than the PLN 18.43 bln (EUR 4.07 bln) planned for last year, the Finance Ministry said in its final report.
The general government deficit was likely lower than 1.7 percent of Poland's GDP in 2019, Deputy Finance Minister Jan Sarnowski said at a meeting of a lower house sub-committee on Wednesday.
Poland recorded a PLN 1.8 billion (EUR 420 million) budget deficit at the end of September 2019, which is 6.3 percent of the annual plan, the Finance Ministry announced on Tuesday.