Polish general gov’t debt, deficit down in 2017: stats office

Poland’s general government debt and deficit both decreased last year compared with 2016, the country’s Central Statistical Office (GUS) said on Tuesday.

General government debt fell to 50.6 percent of gross domestic product last year, from 54.2 percent of GDP in 2016, the statistics office reported, citing what it said were preliminary estimates.

Meanwhile, Poland’s general government deficit shrank to 1.5 percent of GDP in 2017, from 2.3 percent of GDP in 2016, the office reported.

Definitive data, verified by the European Commission, will be released on April 23, the office said.

The Polish finance ministry said in a statement on Tuesday that last year’s reduction in the general government deficit by around 0.8 percentage points of GDP resulted chiefly from a significant increase in government revenue – by around PLN 21 billion (roughly EUR 5 billion, USD 6 billion) – combined with a number of measures aimed at “tightening the tax system” and closing loopholes.

Finance Minister Teresa Czerwińska said on Friday that Poland’s public debt shrank by PLN 3.4 billion (roughly EUR 800 million, USD 1 billion) in 2017 compared with 2016.

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