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English to Polish translations [PRO] Bus/Financial - Finance (general)
English term or phrase:savings-investment surplus of the private sector
Poland’s fiscal position has deteriorated significantly since 2000, only partly for cyclical reasons. The general government deficit reached 3.6 per cent of GDP in 2002 and is estimated to have increased further to 4.1 per cent in 2003. The fiscal expansion over the last two years is to a large extent due to a loosening of the fiscal stance. Fiscal policy is expected to become even more pro-cyclical in 2004. The government has recently adopted a public finance reform which provides for savings in social spending and administrative expenditure over the period 2004-2007. However, there remains uncertainty with regard to the approval of the full fiscal reform package by Parliament. Reining in the government deficit is also crucial to maintain the current account deficit at sustainable levels, especially in case the current savings-investment surplus of the private sector should diminish sharply in the coming years.