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Poland’s Prime Minister Mateusz Morawiecki proudly announced that the country’s public debt as a percentage of GDP has been steadily decreasing. Eurostat data revealed that Poland has one of the lowest public debts in the European Union (EU). These figures were posted by the Prime Minister on social media, countering previous comments made by Donald Tusk, the leader of the opposition party.
According to Eurostat’s data, in Q1 2022, Poland’s public debt stood at 51.9% of GDP, which dropped to 49.1% in Q4 2022 and further reduced to 48.1% in Q1 2023. Prime Minister Morawiecki highlighted the continuous decline, expressing satisfaction with the nation’s fiscal progress.
Deficit Reduction
The seasonally adjusted deficit of Poland’s public finances in Q1 2023 was reported at 2.0% of GDP. Eurostat’s statistics show a significant improvement, with the deficit decreasing from 8.4% of GDP in Q4 2022.
Poland’s public debt-to-GDP ratio of 48.1% remains notably lower than the EU average of 83.7% and the Eurozone average of 91.2%. Similarly, Poland’s budget deficit, at 2.0%, is well below the EU average of 3.0% and the Eurozone average of 3.3%.