Poland's economic growth rate will continue to trend down in Q1 and Q2,
after deterioration in Q4, but a rebound is expected in H2 2013,
rendering the 2013 budget viable, Finance Minister Jacek Rostowski said
in parliament on Friday.
"We think that despite the fact that the GDP growth in Q4 deteriorated, which is in line with our expectations, and will deteriorate in Q1 and Q2, it will rebound in H2, safeguarding the budget," Rostowski said.
Poland enjoys a liquidity safety buffer in the shape of the flexible credit line from the IMF, although its has had no need of using it over the past four years, the minister added.
Poland based its 2013 budget on assumption of 2.2% GDP growth in 2013. The budget assumes a deficit of PLN 35.6 billion.
"We think that despite the fact that the GDP growth in Q4 deteriorated, which is in line with our expectations, and will deteriorate in Q1 and Q2, it will rebound in H2, safeguarding the budget," Rostowski said.
Poland enjoys a liquidity safety buffer in the shape of the flexible credit line from the IMF, although its has had no need of using it over the past four years, the minister added.
Poland based its 2013 budget on assumption of 2.2% GDP growth in 2013. The budget assumes a deficit of PLN 35.6 billion.
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