Initial estimations of the Finance Ministry show that the budget deficit stood at zł.31.08 billion at the end of 2012, deputy Finance Minister Hanna Majszczyk told the Sejm (lower house) Public Finance Committee on Thursday.

The revenues reached 97.9 percent of the planned figure while spending came out at 96.9 percent of the plan, Majszczyk added, and said it was an initial estimation which could subsequently be revised. The difference between estimates and actual number stems from “more rational expenditures”.

Deputy Finance Minister Wojciech Kowalczyk told the committee that the relation of public debt to GDP, as calculated using the Polish methodology, was below 53 percent at year-end, and below 56 percent according to the EU methodology.

Poland A.M.