Investor Presentaiton
% of GDP
% of GDP
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-
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)
1.5
0.5
-0.5
0.0
-1.5
-0.8
-0.8 -0.6
-1.2
-2.5
-1.6
-1.4
-3.5
-4.5
-5.5
-6.5
-7.5
Deficit
Structural balance
(% of GDP, national methodology)
2013 2014
2015 2016
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
-0.7
0.5
0.2
-2.2
GDP
-0.4
0
0.0
-2.5
0.0
-0.5
-0.2
-4.0
Projected deficit
-0.3
-0.4
-0.5
-0.5 -0.5
-0.5
-4.4
-4.4
policy change
scenario
-1.0
-0.9
-1.5
-1.4
-1.5
-1.5
-1.6
-7.1
Deficit without one-offs
-2.0
-2.5
-2.2
Structural balance
Source: Eurostat, Stability Program 2023-2026 (approved on April 6, 2023)
Emergency COVID -19 package and supportive fiscal policy
pushed deficit to one of highest in EU in 2021
-6
-8
4
61202 46%
General government budget defict in 2021
(% no GDP)
0.8
-0.1
-1
-1.8-1.7-1.7
-2.9-2.7-2.6-2.6-2.4
-3.9-3.7
-7.8-7.5-7.2-7.1-7.1-7.0-6.9-6.5-5.9-5.6-5.5-5.1-4.7
-10
MT EL IT HU RO LV ESP FR AT BE SK CZ SI BG DE PT FI HR NL EE PL IE CY LT SE LUX DK
15
Source: Eurostat
Structural balance no policy change scenario
Nominal deficit
(General Government deficit according to ESA methodology)
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
0.4
2013 2014
1.0
0.0
3.6
-1.0
-2.0
-1.2
-1.4
-1.6
% of GDP
-3.0
-4.0
-5.0
-6.0
-7.0
-8.0
0.0
-0.5
-1.0
-0.8
-0.8 -0.6
-1.0 -1.0
-2.5
-0.7
-1.7-2.2
-2.4
-4.0
-4.4
-4.4
-7.1
Nominal balance
2013-2023 deficit excluding one-offs, 2024-2026 deficit based on Structural balance objectives
Source: Eurostat, Stability Program 2023-2026 (approved on April 6, 2023)View entire presentation