The State Public Debt (PDP) at the end of the fourth quarter of 2025 amounted to PLN 1,913.5 billion, which means an increase of 5.0%. kdk (+ PLN 91.2 billion) – the Ministry of Finance said in a statement. Compared to the end of 2024, PDP increased by PLN 302.1 billion (+18.7%).
The change in PDP in the fourth quarter of 2025 was the result of:
– increase in the debt of the government subsector by PLN 83.3 billion (+4.9%), including the consolidated debt of the State Treasury (State) by PLN 83.6 billion (+4.9%).
– an increase in the debt of the local government subsector by PLN 7.9 billion (+7.0%), with an increase in the debt of local government units and their associations by PLN 7.5 billion (+7.2%).
– a decrease in the debt of the social security subsector by PLN 0.03 million (-0.3%).
The change in PDP throughout 2025 was the result of:
– increase in the debt of the government subsector by PLN 296.3 billion (+19.8%), including the consolidated debt of the State Treasury by PLN 296.2 billion (+19.8%).
– increase in the debt of the local government subsector by PLN 5.8 billion (+5.1%), increase in the debt of local government units by PLN 4.8 billion (+4.4%);
– a decrease in the debt of the social security subsector by PLN 0.1 million (-0.4%).
The PDP to GDP ratio at the end of the fourth quarter of 2025 was 49.1%. and increased by 1.5 points compared to the previous quarter. percent and by 5.0 points. percent compared to the end of 2024
The general government debt (EDP debt), which is one of the elements of the Maastricht fiscal criterion, amounted to PLN 2,335.2 billion at the end of the fourth quarter of 2025, which meant:
– an increase of PLN 113.4 billion (+5.1%) in the fourth quarter of 2025;
– an increase of PLN 322.5 billion (+16.0%) compared to the end of 2024.
The change in the amount of EDP debt in the fourth quarter of 2025, apart from changes in PDP, was mainly influenced by:
– increase in the debt of the Armed Forces Support Fund (FWSZ) by PLN 20.0 billion;
– increase in the consolidated debt of the COVID-19 Prevention Fund (FPC) by PLN 5.2 billion;
– increase in the debt of the Assistance Fund (FP) by PLN 1.8 billion;
– a decrease in the impact of including enterprises in the government and local government institutions sector by PLN 2.5 billion.
The change in EDP debt in 2025 resulted, as in the case of PDP, mainly from changes in the debt of the State Treasury and local government units. In addition, the amount of EDP's debt was influenced by:
– increase in the debt of the Armed Forces Support Fund (FWSZ) by PLN 35.9 billion;
– a decrease in the consolidated debt of the Polish Development Fund (PFR) by PLN 33.7 billion as a result of the redemption of PFR0325 and PFR0925 bonds;
– increase in the debt of the Assistance Fund (FP) by PLN 7.0 billion;
– a decrease in the consolidated debt of the COVID-19 Prevention Fund (FPC) by PLN 3.6 billion mainly as a result of the redemption of FPC0725 bonds;
– a decrease in the balance of deposits on the MF and TS accounts held by funds located in BGK by PLN 10.6 billion, which resulted in an increase in EDP's debt as a result of a decrease in the consolidation of mutual liabilities;
– increase in EDP's debt in relation to PDP related to CIRS transactions by PLN 7.3 billion;
– a decrease in the impact of including enterprises in the government sector by PLN 5.3 billion.
The ratio of EDP debt to GDP at the end of the fourth quarter of 2025 was 59.97%. and increased by 1.8 points compared to the previous quarter. percent and by 4.9 points. percent compared to the end of 2024
