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    Poland’s Cabinet Approves 2024 Draft Budget with Growth Projections and Spending Allocations

    In a press conference held on Thursday afternoon, Polish Prime Minister Mateusz Morawiecki announced that the 2024 draft budget has been given the green light by the Polish cabinet.

    During the conference, Morawiecki shared the positive news of increasing budget revenues, projecting a rise from this year’s PLN 605 billion (EUR 135 billion) to over PLN 680 billion (EUR 152 billion) for the following year. The figures were drawn from a presentation by the Prime Minister’s Office, which outlined the anticipated budget revenue for 2024 at PLN 683.6 billion (EUR 152.8 billion).

    While highlighting the projected growth in revenues, the Prime Minister also addressed the expenditure side of the budget. For 2024, expenditures are estimated to reach PLN 848 billion (EUR 189 billion), potentially resulting in a budget deficit of PLN 164.6 billion (EUR 36.7 billion).

    In terms of economic outlook, Poland is aiming for a 3.0 percent GDP growth in 2024, as stated by Finance Minister Magdalena Rzeczkowska during the same press conference. Rzeczkowska also forecasted an average annual inflation rate of 6.6 percent.

    These figures align with the assumptions made in June during the revision of Poland’s 2023 budget, indicating a consistent approach to fiscal planning.

    Regarding the public sector deficit, Prime Minister Morawiecki indicated that it is anticipated to account for 4.5 percent of the GDP in 2024.

    While Morawiecki did not provide a comprehensive breakdown of the 2024 spending plan, he did mention key allocation areas. Healthcare is slated to receive over PLN 190 billion (EUR 42.4 billion), social programs are set to benefit from PLN 137 billion (EUR 30 billion), and security and defense initiatives are earmarked for PLN 158 billion (EUR 35 billion).

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