Poland’s Senate has approved the amendment to the 2023 budget law and introduced no changes, paving the way for the bill’s approval by the president.
The Senate passed the bill on Friday after the Sejm, the lower house of parliament, approved the amended budget on July 7.
Among other provisions, the amendments raise budget outlays to PLN 693.4 billion (EUR 155 bln), lower revenues to PLN 601.4 billion (EUR 134 bln) and set the maximum deficit at PLN 92 billion (EUR 21 bln).
The budget deficit for 2023 was originally planned for PLN 68 billion (EUR 15.3 bln), with expenditures seen at PLN 672.5 billion (EUR 150.9 bln).
The changes were necessary in view of current macro-economic data. According to latest forecasts, Poland’s GDP in 2023 is to grow by 0.9 percent instead of the earlier-predicted 1.7 percent. Average annual inflation is expected at 12 percent (9.8 percent in earlier forecasts), and unemployment at 5.5 percent (5.4 percent in earlier forecasts).
The bill will now be sent to the president for signature.