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Poland records EUR 5.4 bn budget surplus after H1

The state budget enjoyed a surplus of PLN 25 bn (EUR 5.44 bn) after June, Mateusz Morawiecki, the Polish prime minister, said in Radomsko, southern Poland.

PM Morawiecki also referred to the latest data provided by Statistics Poland, showing that the average gross salary increased by 9.8 percent on an annual basis. According to the prime minister, this is one of the highest increases in many years.

Meanwhile, the average employment increased by 2.8 percent in June, year on year. The published data concern the enterprise sector, that is, the companies employing at least 10 people.

The National Bank of Poland (NBP) was responsible for as much as PLN 8.88 bn (EUR 1.93 bn) 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.

Mr 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.

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