Poland Braces for EU Procedure Over High Budget Deficit Caused by Massive Ukraine Military Spending
Warsaw is facing the EU’s infringement procedure as its deficit soared to 5.1% of GDP due to extensive military spending in Ukraine. The Finance Minister highlighted the need for increased defense budget to ensure European security.
Last Updated: 2024-06-11T10:32+0000
Oleg Burunov
Last year, Warsaw’s deficit reached 5.1% of the country’s GDP, a significant increase from 3.5% in 2022, according to the Central Statistical Office.
The EU requires countries with deficits over 3% of GDP to cut by 0.5% annually. Poland attributes the deficit spike to Ukraine conflict expenditures.
Poland’s high deficit is linked to the Ukraine conflict and military upgrades. The country ranks sixth in arms supplies to Ukraine, sending $3.2 billion.