“According to preliminary estimates, the debt of the State Treasury at the end of September 2025 amounted to approximately PLN 1 trillion 868.7 billion” – informs the Ministry of Finance in a statement on Monday.
That means an increase of PLN 15.7 billion (+0.8%) during the month.
The total national debt amounts to approximately PLN 1 trillion 487 billion. The more problematic foreign debt is much smaller – it amounts to nearly PLN 382 billion (20% of the entire State Treasury debt).
These are estimates. You have to wait about a month for a full summary.
See also: Will France bring misfortune to Europe? The specter of a crisis spiral hangs over the continent
Debt of the State Treasury after August 2025. Detailed data
For now, the public has access to more detailed debt statistics for the first eight months of 2025. The key items are presented in the table below.
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Ministry of Finance
The debt of the State Treasury at the end of August 2025 amounted to PLN 1 trillion 853 billion, which meant an increase of PLN 20.6 billion (+1.1%) in August and a jump of PLN 223.6 billion (+13.7%) since the beginning of 2025.
Expert on the myths of state debt
Should we really be worried about Poland's growing debt? In the recent “Onet Morning Finansowo” program, Hubert Stojanowski, director of client investments at Xelion, explained where the debt challenges come from and how they should be interpreted in a broader context.
The expert suggests that the answer is not clear at all, and the key lies in the analysis of the debt structure. The vast majority of Poland's debt is internal.
The expert reminds that the budget deficit has been a permanent element of the Polish financial system since the denomination of the zloty in 1995. “Every budget was a deficit budget, i.e. the amount of money created each year,” explains Stojanowski. It also indicates that, as in medicine, where the difference between medicine and poison is dosage, appropriate management of the deficit is crucial. The increase in nominal indicators can only cause concern if we do not take into account the scale of development of the Polish economy – today it is one of the twenty largest in the world, which seemed impossible just a dozen or so years ago.
