Business in brief

26th June 2009

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The European Commission has formally demanded that Poland reduce its budget deficit by 2012 to below three percent of GDP, the limit set in the Maastricht Treaty.

Poland’s budget deficit for 2008 totalled 3.9 percent of GDP, but government estimates see it rising to 6.6 percent in 2009 and 7 percent in 2010. The projected deficits would likely delay Poland’s entry into the Eurozone until 2014 or later.

The OECD estimates that Poland’s economy will shrink by 0.4 percent in 2009, the smallest drop in GDP among the member nations. The economy is expected to grow by 0.6 percent in 2010, with an inflation rate of 1.8 percent. The OECD also expects the Polish national debt to rise to 60 ...

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