As of August 2024, Poland’s state budget deficit stands at PLN 88.6 billion, representing 48.2% of the total annual deficit limit set in the 2024 budget law, according to a statement from the Ministry of Finance released on Monday. This marks a significant increase compared to the same period in 2023, when the deficit was PLN 16.6 billion, or 18.1% of the annual target.
Between January and August 2024, state revenues amounted to approximately PLN 409.4 billion, a 9.5% rise compared to the same period last year, when revenues were PLN 373.8 billion. Tax revenues reached PLN 365.8 billion, up by 11.4% from the previous year.
Expenditures in the first eight months of 2024 totaled around PLN 498.0 billion, a notable increase from PLN 390.4 billion in the same period of 2023. Consequently, the budget deficit has expanded to PLN 88.6 billion, almost half of the total limit for 2024, reflecting a significant shift from the previous year’s smaller shortfall.
This growing deficit highlights the financial challenges facing the Polish government as it manages rising expenditures and aims to balance its fiscal commitments for the remainder of the year.