It's too early to revise the government's projections, the Finance Ministry says Shutterstock

“We do not assume a correction of our 2013 GDP projection, but we are monitoring the situation. The downturn in Europe will have its implications on the pace of Poland's expansion,” the Finance Ministry's chief economist Ludwik Kotecki said on Monday in an interview with Radio PiN.

He added that with 11 months till the end of the year, it was too early to amend the budget.

“We need to wait until spring or early summer,” Mr Kotecki said.

The budget deficit amounted to zł.8.44 billion after January, or 23.7 percent of the annual plan of zł.35.57 billion – more or less in accordance with the government's plan.

Asked about Poland's euro zone accession, Mr Kotecki said that technically the country could adopt the common currency in 2016, but structural reforms and further fiscal consolidation are of primary importance at the moment.

Poland A.M.