Investor Presentaiton
SUPPORTIVE FISCAL POLICY IN 2020-2022 AND GRADUAL RETURN TO
<<<NORMALITY>>> PRUDENT FISCAL POLICY IN THE COMING YEARS
Government commitment to respect the structural balance rule of deficit not more than 0.5% of GDP
-
During COVID-19 crisis general government deficit increased
more than just for the fiscal impact of the temporary (one-
1.5
off) support
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
2023 2024 2025 2026
Fiscal strategy 2023 - 2026
(expenditure exempted from the calculation: defense investments and energy,
COVID-19 and refugees from UA support package)
0.0
0.5
-0.5
-0.6
-1.5
-0.8
-0.8
-1.2
-1.4
-1.6
-2.5
-3.5
10
-4.5
-5.5
-6.5
-7.5
6.0
% of GDP
4.0
2.0
0.0
2.0
- 4.0
-4.4
-4.4
-7.1
-1.3
-2.3
-2.7
-2.6
Projected deficit
policy change
scenario
Deficit
Deficit without one-offs
Source: Eurostat, Informative report on projections of macroeconomic indicators, revenue and general government
budget balance in 2024, 2025 and 2026 (approved on August 15, 2023)
Emergency COVID -19 package and supportive fiscal policy
pushed deficit to one of highest in EU in 2021
General government budget deficit in 2021
(% of GDP)
0.7
0.0
% of GDP
Structural balance
(% of GDP, national methodology)
2013
2014 2015 2016
2017
2018 2019 2020 2021 2022 2023 2024 2025
2026
1.5
0.9
1.0
0.5
0.3
0.3
0.5
-0.1
0.0
-0.5
-0.3
-0.5
-1.0
-1.0
-1.5
-1.4
-2.0
-1.5
-1.6
-2.5
-0.4
-1.1
1
Fiscal space
-0.5
-0.5
-0.5
-2.2
2013 2014
1
0
SB
SB no policy change scenario
Nominal deficit
(general government deficit according to ESA methodology, % of GDP
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
-1
3.6
-2
-1.2
-1.4
-1.6
% of GDP
3
0.0
-0.6
-0.8
-0.8
-1.0
-1.0
- 6.0
3.9 3.7
2.9 2.8 2.5 2.4 2.4 2.0 1.8 1.6 1.2
-5
- 8.0
- 7.8
7.1 7.1 7.1-7.1 6.9 6.5 5.8 5.5 5.4 5.1 4.6
Nominal deficit
-6
- 10.0 9.0
-7
15
IT MT RO LV HU EL ESP FR AT BE SK CZ SI BG DE PT FI HR NL EE CY PL IE LT SE LUX DK
2013-2023 deficit excluding one-offs, 2024-2026
deficit based on SB objectives
-8
Source: Eurostat
2025 2026
0.4
-0.2
-1.3
-2.2
-4.4
-4.4
-7.1
-2.3
-2.6
-2.7
0.1
-1.3
Source: Eurostat, Informative report on projections of macroeconomic indicators, revenue and general government budget
balance in 2024, 2025 and 2026 (approved on August 15, 2023)View entire presentation