Republic of Poland: Staff Report for the 2002 Article IV Consultation

This 2002 Article IV Consultation highlights that the fiscal deficit of the Republic of Poland widened sharply in 2001, reflecting both automatic stabilizers and a ½ percent increase in the structural deficit. State (central government) primary expenditures (excluding one-off transfers) rose relative to GDP by 1 percentage point, notwithstanding cutbacks late in the year. Two factors accounted for this rise: significant increases in transfers and subsidies to households, agricultural and state enterprises, as well as wages; and outcomes for inflation and growth that were far below budget projections.
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Volume/Issue: Volume 2002 Issue 127
Publication date: June 2002
ISBN: 9781451831849
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Business and Economics , Exports and Imports , Inflation , Money and Monetary Policy , Public Finance , ISCR , CR , government , arrears , deficit , rate , inflation expectation , staff s projection , MPC stress , interest rate cut , government point , government's proposal , Inflation , Current account deficits , Global , Western Europe

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Summary

This 2002 Article IV Consultation highlights that the fiscal deficit of the Republic of Poland widened sharply in 2001, reflecting both automatic stabilizers and a ½ percent increase in the structural deficit. State (central government) primary expenditures (excluding one-off transfers) rose relative to GDP by 1 percentage point, notwithstanding cutbacks late in the year. Two factors accounted for this rise: significant increases in transfers and subsidies to households, agricultural and state enterprises, as well as wages; and outcomes for inflation and growth that were far below budget projections.

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