Poland sees EUR 5.44 bln budget surplus after June - PM

2021-07-19 20:21 update: 2021-07-19, 20:23
PM Mateusz Morawiecki. Fot. PAP/Łukasz Gągulski
PM Mateusz Morawiecki. Fot. PAP/Łukasz Gągulski
The state budget enjoyed a surplus of PLN 25 billion (EUR 5.44 billion) after June, the Polish prime minister has said.

Mateusz Morawiecki made the announcement while visiting a company in Radomsko, south Poland, on Monday.

"Our reform of public finance... led to a budget surplus exceeding PLN 25 billion after June, after the first half of the year," Morawiecki said.

However, the National Bank of Poland (NBP) was responsible for as much as PLN 8.88 billion (EUR 1.93 billion) of the total surplus due to its annual payout of profit to the state budget.

Piotr Bujak, an economist with the PKO BP bank, said the surplus was also boosted by higher tax revenue resulting from strong nominal GDP growth.

Bujak also said that the government was able to report a surplus due to its earlier decision to move the multi-billion Covid-19 relief programmes out of the budget, so this extraordinary spending does not weigh on budget figures. (PAP)