The MF data on the implementation of the budget after July that after seven months of this year, budget revenues amounted to PLN 313.8 billion, which is 49.6 percent. plan for 2025.
The implementation of the state budget expenditure during this period amounted to PLN 470.5 billion, i.e. 51.1 percent. plan.
The deficit amounted to PLN 156.7 billion, which is 54.3 percent. plan for this year.
Economists in the budget implementation analyzes indicated a rapid growth of deficit.
“In July, the state budget deficit amounted to as much as PLN 37 billion and in total for the last 12 months reached PLN 285 billion, which is almost exactly as much as the budget act for the entire 2025 (PLN 289 billion). This means that by the end of the year the Ministry of Finance can still generate about PLN 130 billion of a deficit, which is as much as in the last 5 months last year. This amount seems to seem large, but it should be taken into account that the deficit does not grow evenly during the year, but usually focuses in the last two months of the year, “wrote the economists of Bank Pekao in their analysis of budget implementation.
They also paid attention to budget revenues. According to the bank's economists, virtually all tax revenues “surprised in minus”.
“VAT income in July was only 1 percent higher than a year ago, i.e. not only slower than in previous months (+20 Pro in May), but also much slower than the nominal increase in consumption this year. The same applies to excise income, which in July turned out to be 1 % lower than a year ago. We will skip the income with PIT, because their analysis of the reform. financing of local governments.
They added in it that although the budget is still possible to implement, the risk of its amendment has become clearly increased in their opinion.
In 2025, budget revenues are to amount to over PLN 632.84 billion, expenses are not expected to exceed PLN 921.62 billion, and the deficit limit for the whole year was set at almost PLN 288.8 billion.
