General government deficit and debt in 2014

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On 30 September 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 56 767 mln zl (-3,3% GDP), while the general government debt amounted to 867 066  mln zl (50,4% GDP).

Data on general government deficit and debt for years 2011-2014 has been slightly revised in relation to the previously published due to implementation of recommendations made during European Commission (Eurostat) EDP dialogue visit to Poland. Additionally, changes in data for 2014 result from the use of final source information. Data on gross domestic product has been changed. New estimates are published in the CSO press release "Revised estimate of gross domestic product for years 2010-2014".

In 2014 under the reform of the pension system there was transfer of assets from the open pension funds into the general government sector. According to the ESA2010 methodology this transfer has been registered as a financial transaction without impact on the deficit / surplus of social security funds subsector. As a result, there was redemption of treasury bonds in February 2014 which caused the reduction of general government debt in 2014. Consequently, central government subsector expenditures on debt service (interest) decreased, what affected the decrease of deficit.