President signs budget bill into law

2023-02-03 13:51 update: 2023-02-04, 14:28
Photo: PAP/Radek Pietruszka
Photo: PAP/Radek Pietruszka
Andrzej Duda, the Polish president, has rubber-stamped the budget law for 2023, the President's Office has reported.

Under the law, government revenue is expected to reach PLN 604.5 billion (EUR 128.9 bln) and spending is seen at PLN 672.5 billion (EUR 143.4 bln), producing a deficit of PLN 68 billion (EUR 14.5 billion). 

The public finance sector deficit, as calculated according to EU methodology, will reach 4.5 percent of GDP, while the general government debt will amount to 53.5 percent of GDP.

The government has assumed an economic growth of 1.7 percent of the GDP this year while inflation is to reach 9.8 percent. Wages are expected to rise by 7.8 percent.

Healthcare spending will exceed 6 percent of GDP and military expenditure will top 3 percent of GDP, but the latter figure does not include a special non-budget fund administered by the state-owned development bank BGK. (PAP)