Revision of this year’s budget bill not excluded - Finance Minister
January 9, 2013
The Polish government considers its 2013 budget bill as 'realistic,' but does not exclude revising the budget if it needs to be, Finance Minister Jacek Rostowski said in the Senate upper house on Tuesday.
"Today we have every reason to believe that after a difficult first half of 2013, in H2 the European economy will stabilize and the Polish economy will accelerate," Rostowski said. "Therefore we believe that the budget [bill for 2013] is realistic, but we do not exclude an amendment."
While a potential budget revision "would not be a disaster," Poland stands chances of realizing its budget as planned even if GDP slows down below the 2.2% rate expected, the minister said.
"The key element of our [GDP growth] forecast is "persistent weakening in Q1 and Q2 and a rebound in Q3 and Q4 2013," Rostowski said. Still, "even if the forecast of the European Commission [of 1.8% GDP growth in 2013] materializes, this would not threaten the realization of the budget."
Poland's budget bill for 2013 is built on assumption of 2.2% GDP growth, average annual inflation of 2.7% and unemployment rate of 13%. The lower parliamentary house, the Sejm, passed the bill on December 12. The bill is on the agenda of the January 8-9 Senate sitting.