General government deficit and debt in 2014

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17.04.2015

On 31 March 2015, in accordance with the Council Regulation (EC) No. 479/2009 of 25 May 2009 on the application of the Protocol on the excessive deficit procedure annexed to the Treaty establishing European Community with amendments,  the President of the CSO provided the general government deficit and debt data (EDP notification) to the European Commission (Eurostat).

The data has been developed in accordance with the methodology of the European System of National and Regional Accounts in the European Union introduced by the Regulation (EU) No. 549/2013 of the European Parliament and of the Council of 21 May 2013 (ESA2010) and the guidelines contained in the Manual on Government Deficit and Debt, Implementation of ESA2010 (MGDD, 2014 edition).

According to the EDP notification, in 2014 the general government deficit was equal 55 241 mln zl (-3,2% GDP), while the general government debt amounted to 866 501  mln zl (50,1% GDP).

Data for years 2011-2013 has been slightly revised in relation to the previously published due to obtaining more detailed information on particular categories of general government expenditures. The reduction of debt of the general government in 2014 results from the redemption of treasury bonds in February 2014 as a result of the reform of the pension system. Consequently, central government subsector expenditures on debt service decreased (interest), what affected the level of deficit. According to the ESA2010 methodology, transfer of assets from the open pension funds has been registered as a financial transaction without impact on the deficit / surplus of social security funds subsector.

General government deficit and debt in years 2011-2014 (mln zl)

Specification

2011

2012

2013

2014

Gross Domestic Product (GDP)

1 553 582

1 615 894

1 662 678

1 728 677

General government deficit/surplus

-76 174

-60 433

-66 735

-55 241

% of GDP

-4,9%

-3,7%

-4,0%

-3,2%

Central government deficit/surplus

-63 096

-59 418

-59 290

-36 208

% of GDP

-4,1%

-3,7%

-3,6%

-2,1%

Local government deficit/surplus

-11 730

-4 475

-2 816

-2 920

% of GDP

-0,8%

-0,3%

-0,2%

-0,2%

Social security funds deficit/surplus

-1 348

3 460

-4 629

-16 113

% of GDP

-0,1%

0,2%

-0,3%

-0,9%

General government debt

851 429

878 415

926 115

866 501   

% of GDP

54,8%

54,4%

55,7%

50,1%


Together with the EDP notification, the CSO sent to the European Commission information about revenues and expenditures of the general government sector divided into transactions, according to the European System of National and Regional Accounts (ESA2010).

Revenues of general government sector according to ESA2010 in years 2011-2014 (mln zl)

Specification

2011

2012

2013

2014

Total revenues

606 467

632 644

634 881

667 637

                                                            % of GDP

39,0%

39,2%

38,2%

38,6%

   of which:

 

 

 

 

      Taxes on production and imports

214 461

209 816

211 278

220 154

      Taxes on income, wealth

105 148

113 158

112 924

120 589

      Property income

14 481

18 680

16 394

12 707

      Social contributions

188 919

210 557

219 599

227 486

 

Expenditures of general government sector according to ESA2010 in years 2011-2014 (mln zl)

Specification

2011

2012

2013

2014

Total expenditures

682 641

693 077

701 616

722 878

                                                            % of GDP

43,9%

42,9%

42,2%

41,8%

   of which:

 

 

 

 

      Intermediate consumption

90 074

95 381

97 785

103 996

      Compensation of employes

164 477

167 503

171 279

176 327

      Subsidies

11 920

11 578

11 217

10 395

      Social benefits

243 547

256 897

270 333

280 993

      Gross fixed capital formation

91 262

76 440

68 131

76 251

 

The list of units classified to the general government sector, according to ESA2010 methodology is available on the CSO website: http://stat.gov.pl/en/topics/national-accounts/.

Information on general government deficit and debt of all EU Member States will be available in English on 21 April 2015 at 11 a.m. on the Eurostat website:

http://epp.eurostat.ec.europa.eu/portal/page/portal/eurostat/home.

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