Following Malta and Denmark in late September (see EUROPE 13489/22), Poland and Greece have presented their multiannual budget programmes, both of which will run for just four years, between 2025 and 2028.
The Greek multiannual programme forecasts controlled growth in net budget expenditure of between 3.7% in 2025 and 3.0% in 2028.
This trajectory should enable Greece’s public deficit to remain well below 3% of GDP over the period in question (0.6% in 2025 and 1.2% in 2028) and put public debt on a continuous downward trajectory. Thus, after being reduced to 153.7% of Greek GDP in 2024, the debt is expected to go from 149.1% of GDP in 2025 to 133.4% in 2028.
Poland. The Polish authorities have set a growth path for their net budget expenditure that should enable them to reduce their public deficit from 5.7% in 2024 to less than 3% of GDP in 2028. This trajectory for net expenditure is expected to go from 12.5% in 2024 to 3.5% in 2028.
Estimated at 54.6% of GDP in 2024, Polish public debt is set to continue to rise, slightly exceeding the 60% threshold in 2026 and reaching 61.2% in 2028.
Like seven other EU countries, Poland is subject to an excessive deficit procedure (see EUROPE 13462/1).
See the macro-budget plans submitted by the Member States at this stage: https://aeur.eu/f/djs (Original version in French by Mathieu Bion)