The Polish government has approved the 2004 budget with a zl.45.5-billion deficit
Published:
19 September 2003 y., Friday
The Polish government has approved the 2004 budget with a zl.45.5-billion deficit. The budget calls for a major acceleration of economic growth thanks to moves like the introduction of a 19-percent personal income tax rate for entrepreneurs.
Next year, government receipts are expected to total zl.152.75 billion, expenditure is to reach zl.198.25 billion, and the budget deficit cannot exceed zl.45.5 billion, the government decided in approving next year's budget bill. "Recovery is certain: 3.2-percent gross domestic product growth this year is certain, with 3.5 percent within reach," said Finance Minister Andrzej Raczko, presenting the 2004 budget. "We achieved this thanks to a good rate of export growth and clear signs of improvement concerning unemployment. It is also evident than inflation will not rebound."
The government assumes that the GDP will grow 5 percent next year, accompanied by 2-percent inflation. The Ministry of Finance reduced the projection from the previously forecast 2.2 percent. Revenue is expected to reach zl.152.75 billion, and expenditure is set at zl.198.25 billion. The budget deficit is expected to be no lower than zl.45.5 billion. "This level of the deficit is high, but safe," said Deputy Prime Minister and Minister of the Economy, Labor and Social Policy Jerzy Hausner. "We made an attempt to reduce it, but some institutions planning their own budgets [including the President's Office and the Offices of the Sejm and Senate; the government cannot influence their financial plans-ed.] inflated their expenditure by zl.450 million, in our opinion. The government had to cut other spending by this amount of money."
Šaltinis:
warsawvoice.pl
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
An aviation agreement has been signed today by the European Union and the Vietnamese authorities which will remove nationality restrictions in the bilateral air services agreements between EU Member States and Vietnam.
more »
The European Investment Bank marked the 50th anniversary of the Republic of Cyprus and its 30 years of activity in the country with a public ceremony celebrating the signature of a total of EUR 180 million for urban environment.
more »
In response to the financial crisis, the Commission has put forward legislative proposals to strengthen and expand existing tools for coordinating economic and fiscal policy in the EU.
more »
In the first meeting of the SME Finance Forum, possible means to improve the current situation of access to finance were discussed, such as the introduction of a grace period for firms in difficulties, the involvement of credit mediators and improved loan guarantees.
more »
The EU budget is no simple matter, but then no budget ever is.
more »
Parliament will be crucial in avoiding a “lowest common denominator” approach when helping to design the EU's new economic governance architecture, ECB president Jean-Claude Trichet told the Economic and Monetary Affairs Committee on Monday.
more »
With a multitude of language-related events taking place on or around 26 September, the main themes for this year's European Day of Languages are business and jobs.
more »
The EU disbursed today € 1.15 billion to Romania, the third instalment of a € 5 billion loan, which was agreed in May 2009 as part of a multilateral financial assistance package.
more »
The European Investment Bank has agreed to lend GBP250 million for the replacement, reinforcement and expansion of the gas distribution networks operated by Scotland Gas Networks and Southern Gas Networks.
more »
The bargaining positions of all players in the human food chain must be rebalanced, and fair competition enforced by law, to ensure fair returns to farmers and price transparency to consumers, says Parliament in a resolution voted on Tuesday.
more »