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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/28/24 Poland Republic Of S-B 6:2.5M Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: S-B Registration Statement by a Foreign Government or HTML 1.61M Political Subdivision 2: EX-99.A Exhibit A - Form of Fiscal Agency Agreement HTML 246K 3: EX-99.C Exhibit C - Form of Underwriting Agreement HTML 197K 4: EX-99.D Exhibit D - Legal Opinion of the Director of the HTML 8K Legal Department 5: EX-99.E-1 Exhibit E-1 - Legal Opinion Under New York Law HTML 9K 6: EX-99.E-2 Exhibit E-2 - Legal Opinion Under Polish Law HTML 10K
tm246400-1_sb - none - 16.371097s |
|
Title of each class of
securities to be registered |
| | |
Amount to be registered
|
| | |
Proposed
maximum offering price per unit(1) |
| | |
Proposed maximum
aggregate offering price(1) |
| | |
Amount of
registration fee(2) |
|
|
Debt Securities
|
| | |
U.S.$12,000,000,000
|
| | |
100%
|
| | |
U.S.$12,000,000,000
|
| | |
U.S.$1,771,200
|
|
Schedule B Item
|
| |
Heading in Prospectus or location in Registration Statement
|
|
1 | | | Cover Page | |
2 | | | Use of Proceeds | |
3 | | |
Public Debt; Tables and Supplementary Information
|
|
4 | | | Public Debt | |
5 | | | Public Finance | |
6
|
| | * | |
7
|
| | Authorized Agent in the United States | |
8
|
| | * | |
9
|
| | * | |
10
|
| | Plan of Distribution* | |
11
|
| | ** | |
12
|
| | Validity of the Securities | |
13
|
| | * | |
14
|
| | ** | |
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| ||||||||||||
| | | | | | | | | | | | | | |
(PLN per U.S.$)(1)
|
| | | | | | | | | | | | |
Year end
|
| | | | 3.7977 | | | | | | 3.7584 | | | |
4.0600
|
| | | | 4.4018 | | | | | | 3.9350 | | |
Average for year
|
| | | | 3.8395 | | | | | | 3.8993 | | | |
3.8629
|
| | | | 4.4607 | | | | | | 4.2021 | | |
| | | | | | | | | | | | | | |
(PLN per EUR)(1)
|
| | | | | | | | | | | | |
Year end
|
| | | | 4.2585 | | | | | | 4.6148 | | | |
4.5994
|
| | | | 4.6899 | | | | | | 4.3480 | | |
Average for year
|
| | | | 4.2980 | | | | | | 4.4448 | | | |
4.5674
|
| | | | 4.6869 | | | | | | 4.543 | | |
| | | | | | | | | | | | | | |
(U.S.$ per EUR)(2)
|
| | | | | | | | | | | | |
Year end
|
| | | | 1.1227 | | | | | | 1.2230 | | | |
1.1318
|
| | | | 1.0698 | | | | | | 1.1062 | | |
Average for year
|
| | | | 1.1194 | | | | | | 1.1410 | | | |
1.1830
|
| | | | 1.0534 | | | | | | 1.0817 | | |
| | |
Page
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| |||
| | | | 1 | | | |
| | | | 2 | | | |
| | | | 13 | | | |
| | | | 18 | | | |
| | | | 23 | | | |
| | | | 31 | | | |
| | | | 42 | | | |
| | | | 47 | | | |
| | | | 49 | | | |
| | | | 57 | | | |
| | | | 59 | | | |
| | | | 60 | | | |
| | | | 61 | | | |
| | | | 62 | | | |
| | | | 63 | | | |
| | | | 64 | | |
Sejm
|
| |
Seats
|
| |||
PiS
|
| | | | 189 | | |
Koalicja Obywatelska
|
| | | | 157 | | |
Lewica
|
| | | | 26 | | |
Polskie Stronnictwo Ludowe
|
| | | | 32 | | |
Konfederacja Wolność i Niepodległość
|
| | | | 18 | | |
Polska 2050
|
| | | | 33 | | |
Kukiz 15
|
| | | | 3 | | |
Total | | | | | 460 | | |
Senate
|
| |
Seats
|
| |||
PiS
|
| | | | 34 | | |
Koalicja Obywatelska
|
| | | | 41 | | |
Lewica
|
| | | | 9 | | |
Trzecia Droga
|
| | | | 12 | | |
Koło Senackie Niezależni i Samorządni
|
| | | | 4 | | |
Total | | | | | 100 | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| ||||||||||||||||||
| | |
(EUR millions)
|
| |||||||||||||||||||||||||||||||||
Inflow of EU Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cohesion Policy
|
| | | | 11,055 | | | | | | 11,339 | | | | | | 13,361 | | | | | | 13,198 | | | | | | 13,033 | | | | | | 7,709 | | |
Common Agriculture Policy
|
| | | | 4,182 | | | | | | 4,450 | | | | | | 4,620 | | | | | | 4,727 | | | | | | 4,690 | | | | | | 4,899 | | |
Fishery
|
| | | | 78 | | | | | | 44 | | | | | | 97 | | | | | | 51 | | | | | | 65 | | | | | | 103 | | |
Other Funds
|
| | | | 443 | | | | | | 451 | | | | | | 910 | | | | | | 607 | | | | | | 953 | | | | | | 758 | | |
National Recovery and Resilience Plan
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 551 | | |
Total | | | | | 15,758 | | | | | | 16,284 | | | | | | 18,988 | | | | | | 18,583 | | | | | | 18,741 | | | | | | 14,021 | | |
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||
| | |
(EUR millions)
|
| |||||||||||||||||||||||||||
Own Resources Payments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Payments related to Gross National Income
|
| | | | 3,180.8 | | | | | | 3,795.8 | | | | | | 4,399.3 | | | | | | 4,292.3 | | | | | | 3,588.2 | | |
Payments related to VAT
|
| | | | 742.6 | | | | | | 851.3 | | | | | | 885.4 | | | | | | 914.0 | | | | | | 1,041.2 | | |
Traditional Own Resources Payments
|
| | | | 830.1 | | | | | | 826.0 | | | | | | 1,131.5 | | | | | | 1,337.8 | | | | | | 955.5 | | |
Rebates and corrections
|
| | | | 296.2 | | | | | | 360.3 | | | | | | 287.9 | | | | | | 327.5 | | | | | | 348.1 | | |
Plastic
|
| | | | — | | | | | | — | | | | | | 372.0 | | | | | | 564.9 | | | | | | 532.2 | | |
Total | | | | | 5,049.7 | | | | | | 5,833.4 | | | | | | 7,076.1 | | | | | | 7,436.5 | | | | | | 6,465.2 | | |
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| ||||||||||||
| | |
(Current prices, Purchasing Power Standards (“PPS”) per capita)
|
| ||||||||||||||||||||||||
GDP per capita (PPS EU-27 2020)
|
| | | | 22,824 | | | | | | 22,927 | | | | | | 25,239 | | | | | | 28,161 | | | |
not available
|
|
| | |
(% GDP)
|
| ||||||||||||||||||||||||
Private consumption
|
| | | | 57.8 | | | | | | 56.5 | | | | | | 56.2 | | | | | | 57.9 | | | |
not available
|
|
Public consumption
|
| | | | 18.0 | | | | | | 19.1 | | | | | | 18.7 | | | | | | 18.3 | | | |
not available
|
|
Investment
|
| | | | 18.9 | | | | | | 18.3 | | | | | | 16.8 | | | | | | 16.8 | | | |
17.4
|
|
Export
|
| | | | 53.2 | | | | | | 53.0 | | | | | | 57.7 | | | | | | 62.7 | | | |
not available
|
|
Import
|
| | | | 49.5 | | | | | | 47.3 | | | | | | 54.4 | | | | | | 61.2 | | | |
not available
|
|
Value added:
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
not available
|
|
Industry
|
| | | | 21.8 | | | | | | 21.8 | | | | | | 22.5 | | | | | | 22.3 | | | |
not available
|
|
Construction
|
| | | | 6.8 | | | | | | 6.6 | | | | | | 5.6 | | | | | | 5.8 | | | |
not available
|
|
Trade; repair of motor vehicles
|
| | | | 14.1 | | | | | | 14.1 | | | | | | 14.2 | | | | | | 14.4 | | | |
not available
|
|
| | |
(total=100)
|
| ||||||||||||||||||||||||
Employment (LFS, 15 and over/15–89 years(1)):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Agriculture
|
| | | | 9.1 | | | | | | 9.5 | | | | | | 8.3 | | | | | | 8.2 | | | |
not available
|
|
Industry and construction
|
| | | | 32.0 | | | | | | 31.5 | | | | | | 30.7 | | | | | | 30.7 | | | |
not available
|
|
Services
|
| | | | 58.9 | | | | | | 59.0 | | | | | | 60.9 | | | | | | 61.1 | | | |
not available
|
|
| | |
(%)
|
| ||||||||||||||||||||||||
Activity rate (LFS, 15–89 years)
|
| | | | 56.0 | | | | | | 55.8 | | | | | | 57.8 | | | | | | 58.0 | | | |
not available
|
|
Employment rate (LFS, 20–64 years)
|
| | | | 72.3 | | | | | | 72.7 | | | | | | 75.4 | | | | | | 76.7 | | | |
not available
|
|
Unemployment rate (LFS, 15–74 years)
|
| | | | 3.3 | | | | | | 3.2 | | | | | | 3.4 | | | | | | 2.9 | | | |
not available
|
|
Labor productivity per person (EU27=100(2))
|
| | | | 79.8 | | | | | | 82.2 | | | | | | 82.0 | | | | | | 84.8 | | | |
not available
|
|
CPI
|
| | | | 2.3 | | | | | | 3.4 | | | | | | 5.1 | | | | | | 14.4 | | | |
11.4
|
|
Core inflation
|
| | | | 2.0 | | | | | | 3.9 | | | | | | 4.1 | | | | | | 9.1 | | | |
10.1
|
|
| | |
(EUR million)
|
| ||||||||||||||||||||||||
Official reserve assets
|
| | | | 114,511 | | | | | | 125,622 | | | | | | 146,576 | | | | | | 156,455 | | | |
175,403
|
|
| | |
(% GDP)
|
| ||||||||||||||||||||||||
Net international investment position
|
| | | | (49.2) | | | | | | (42.3) | | | | | | (39.5) | | | | | | (33.4) | | | |
not available
|
|
CAB
|
| | | | (0.2) | | | | | | 2.5 | | | | | | (1.3) | | | | | | (2.4) | | | |
not available
|
|
Credit to the non-financial sector: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-financial enterprises
|
| | | | 15.1 | | | | | | 14.1 | | | | | | 13.0 | | | | | | 12.2 | | | |
not available
|
|
Households
|
| | | | 32.7 | | | | | | 33.0 | | | | | | 30.7 | | | | | | 25.4 | | | |
not available
|
|
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||
| | |
(Real growth, %)
|
| |||||||||||||||||||||||||||
GDP
|
| | | | 4.4 | | | | | | (2.0) | | | | | | 6.9 | | | | | | 5.3 | | | | | | 0.2 | | |
Total consumption
|
| | | | 4.1 | | | | | | (1.5) | | | | | | 5.8 | | | | | | 4.1 | | | | | | (0.1) | | |
Private consumption
|
| | | | 3.4 | | | | | | (3.4) | | | | | | 6.1 | | | | | | 5.3 | | | | | | (1.0) | | |
Investment
|
| | | | 6.2 | | | | | | (2.3) | | | | | | 1.2 | | | | | | 4.9 | | | | | | 8.0 | | |
| | |
(Contribution to GDP growth, percentage points)
|
| |||||||||||||||||||||||||||
Domestic demand
|
| | | | 3.2 | | | | | | (2.6) | | | | | | 8.0 | | | | | | 5.1 | | | | | | — | | |
Net export
|
| | | | 1.2 | | | | | | 0.6 | | | | | | (1.1) | | | | | | 0.2 | | | | | | — | | |
| | |
(%)
|
| |||||||||||||||||||||||||||
Employment growth (LFS(1), aged 15–89)
|
| | | | 0.0 | | | | | | (0.3) | | | | | | 2.6 | | | | | | 0.5 | | | | | | — | | |
Unemployment rate (LFS(1), aged 15–74)
|
| | | | 3.3 | | | | | | 3.2 | | | | | | 3.4 | | | | | | 2.9 | | | | | | — | | |
CPI
|
| | | | 2.3 | | | | | | 3.4 | | | | | | 5.1 | | | | | | 14.4 | | | | | | 11.4 | | |
NBP reference rate (end of the period)
|
| | | | 1.50 | | | | | | 0.10 | | | | | | 1.75 | | | | | | 6.75 | | | | | | 5.75 | | |
| | |
(% GDP)
|
| |||||||||||||||||||||||||||
CAB
|
| | | | (0.2) | | | | | | 2.5 | | | | | | (1.3) | | | | | | (2.4) | | | | | | — | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
2022*
|
| |||||||||||||||
| | |
(%)
|
| |||||||||||||||||||||||||||
Sections | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Agriculture, forestry and fishing
|
| | | | 2.4 | | | | | | 2.4 | | | | | | 2.6 | | | | | | 2.2 | | | | | | 2.8 | | |
Industry
|
| | | | 21.8 | | | | | | 21.8 | | | | | | 21.8 | | | | | | 22.5 | | | | | | 22.3 | | |
Construction
|
| | | | 6.9 | | | | | | 6.8 | | | | | | 6.5 | | | | | | 5.6 | | | | | | 5.8 | | |
Trade; repair of motor vehicles
|
| | | | 14.3 | | | | | | 14.1 | | | | | | 14.1 | | | | | | 14.2 | | | | | | 14.4 | | |
Transport
|
| | | | 6.5 | | | | | | 6.3 | | | | | | 5.9 | | | | | | 5.6 | | | | | | 6.1 | | |
Accommodation and catering
|
| | | | 1.2 | | | | | | 1.3 | | | | | | 1.0 | | | | | | 1.2 | | | | | | 1.3 | | |
Information and communication
|
| | | | 3.7 | | | | | | 3.7 | | | | | | 4.0 | | | | | | 4.3 | | | | | | 4.4 | | |
Financial and insurance activities
|
| | | | 3.8 | | | | | | 3.8 | | | | | | 3.7 | | | | | | 3.4 | | | | | | 4.7 | | |
Real estate activities
|
| | | | 4.3 | | | | | | 5.0 | | | | | | 5.1 | | | | | | 4.8 | | | | | | 4.8 | | |
Professional, scientific and technical activities and administrative and support service activities
|
| | | | 7.9 | | | | | | 8.0 | | | | | | 8.0 | | | | | | 7.7 | | | | | | 7.8 | | |
Public administration and defense; compulsory social security; education; human health and social work activities
|
| | | | 13.1 | | | | | | 13.1 | | | | | | 13.7 | | | | | | 13.9 | | | | | | 13.0 | | |
Arts, entertainment and recreation; other service activities; activities of household and extraterritorial organisations and bodies
|
| | | | 1.7 | | | | | | 1.6 | | | | | | 1.7 | | | | | | 1.6 | | | | | | 1.7 | | |
Gross value added
|
| | | | 87.6 | | | | | | 87.9 | | | | | | 88.1 | | | | | | 87.0 | | | | | | 89.1 | | |
Taxes on products less subsidies on products
|
| | | | 12.4 | | | | | | 12.1 | | | | | | 11.9 | | | | | | 13.0 | | | | | | 10.9 | | |
Gross Domestic Product
|
| | | | 100.0 | | | | | | 100.0 | | | | | | 100.0 | | | | | | 100.0 | | | | | | 100.0 | | |
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
Nine months
ended 30 September 2023* |
| |||||||||||||||
| | |
(EUR millions)
|
| |||||||||||||||||||||||||||
Current Account
|
| | | | (1,247) | | | | | | 12,811 | | | | | | (7,398) | | | | | | (15,716) | | | | | | 8,591 | | |
Balance on Goods
|
| | | | (4,356) | | | | | | 6,975 | | | | | | (7,682) | | | | | | (24,274) | | | | | | 7,572 | | |
Goods: exports f.o.b.
|
| | | | 220,304 | | | | | | 220,546 | | | | | | 263,570 | | | | | | 322,056 | | | | | | 249,336 | | |
Goods: imports f.o.b.
|
| | | | 224,660 | | | | | | 213,571 | | | | | | 271,252 | | | | | | 346,330 | | | | | | 241,764 | | |
Balance on Services
|
| | | | 24,071 | | | | | | 22,974 | | | | | | 26,781 | | | | | | 36,497 | | | | | | 28,823 | | |
Services: Credit
|
| | | | 62,946 | | | | | | 58,291 | | | | | | 68,695 | | | | | | 90,867 | | | | | | 72,325 | | |
Services: Debit
|
| | | | 38,875 | | | | | | 35,317 | | | | | | 41,914 | | | | | | 54,370 | | | | | | 43,502 | | |
Balance on Primary Income
|
| | | | (22,230) | | | | | | (19,979) | | | | | | (26,119) | | | | | | (25,840) | | | | | | (25,527) | | |
Primary income: Credit
|
| | | | 12,749 | | | | | | 11,059 | | | | | | 12,792 | | | | | | 18,073 | | | | | | 12,456 | | |
Primary income: Debit
|
| | | | 34,979 | | | | | | 31,038 | | | | | | 38,911 | | | | | | 43,913 | | | | | | 37,983 | | |
Balance on Secondary Income
|
| | | | 1,268 | | | | | | 2,841 | | | | | | (378) | | | | | | (2,099) | | | | | | (2,277) | | |
Secondary Income: Credit
|
| | | | 9,026 | | | | | | 11,260 | | | | | | 9,585 | | | | | | 10,624 | | | | | | 7,565 | | |
Secondary Income: Debit
|
| | | | 7,758 | | | | | | 8,419 | | | | | | 9,963 | | | | | | 12,723 | | | | | | 9,842 | | |
Capital Account
|
| | | | 8,885 | | | | | | 9,296 | | | | | | 4,228 | | | | | | 3,297 | | | | | | 235 | | |
Capital account: Credit
|
| | | | 12,060 | | | | | | 13,804 | | | | | | 14,477 | | | | | | 14,125 | | | | | | 10,424 | | |
Capital account: Debit
|
| | | | 3,175 | | | | | | 4,508 | | | | | | 10,249 | | | | | | 10,828 | | | | | | 10,189 | | |
Financial Account
|
| | | | 5,312 | | | | | | 17,912 | | | | | | (2,578) | | | | | | (11,902) | | | | | | 7,551 | | |
Direct investment assets
|
| | | | 4,804 | | | | | | 4,132 | | | | | | 8,575 | | | | | | 10,680 | | | | | | 4,212 | | |
Direct investment liabilities
|
| | | | 15,662 | | | | | | 16,650 | | | | | | 30,552 | | | | | | 34,603 | | | | | | 23,023 | | |
Portfolio investment assets
|
| | | | (273) | | | | | | (3,447) | | | | | | 4,197 | | | | | | 3,107 | | | | | | 11,948 | | |
Equity securities
|
| | | | (691) | | | | | | (6,083) | | | | | | 4,070 | | | | | | (974) | | | | | | 1,513 | | |
Debt securities
|
| | | | 418 | | | | | | 2,636 | | | | | | 127 | | | | | | 4,081 | | | | | | 10,435 | | |
Portfolio investment liabilities
|
| | | | (11,084) | | | | | | (10,009) | | | | | | (5,727) | | | | | | 5,736 | | | | | | 6,727 | | |
Equity securities
|
| | | | 294 | | | | | | (3,141) | | | | | | 525 | | | | | | (1,132) | | | | | | 48 | | |
Debt securities
|
| | | | (11,378) | | | | | | (6,868) | | | | | | 6,252) | | | | | | 6,868 | | | | | | 6,679 | | |
Other investment assets
|
| | | | 1,319 | | | | | | 12,982 | | | | | | 10,777 | | | | | | 18,783 | | | | | | 11,459 | | |
Monetary authorities
|
| | | | (3) | | | | | | 3 | | | | | | 39 | | | | | | 4 | | | | | | (7) | | |
Central and local government
|
| | | | 901 | | | | | | 2,121 | | | | | | (1,277) | | | | | | (695) | | | | | | (1,627) | | |
MFI (excluding Central Bank)
|
| | | | (673) | | | | | | (447) | | | | | | 7,282 | | | | | | 14,703 | | | | | | 12,972 | | |
Other sectors
|
| | | | 1,094 | | | | | | 11,305 | | | | | | 4,733 | | | | | | 4,771 | | | | | | 121 | | |
Other investment liabilities
|
| | | | 3,922 | | | | | | 4,105 | | | | | | 14,220 | | | | | | 16,502 | | | | | | 6,925 | | |
Monetary authorities
|
| | | | 1,544 | | | | | | 501 | | | | | | 2,368 | | | | | | 3,735 | | | | | | 7,168 | | |
Central and local government
|
| | | | (766) | | | | | | 2,963 | | | | | | 6,231 | | | | | | 3,535 | | | | | | (219) | | |
MFI (excluding Central Bank)
|
| | | | (3,207) | | | | | | 441 | | | | | | (1,114) | | | | | | 5,519 | | | | | | (25) | | |
Other sectors
|
| | | | 6,351 | | | | | | 200 | | | | | | 6,735 | | | | | | 3,713 | | | | | | 1 | | |
Financial derivatives
|
| | | | (1,248) | | | | | | (924) | | | | | | (2,989) | | | | | | (524) | | | | | | 1,612 | | |
Official Reserve Assets
|
| | | | 9,210 | | | | | | 15,915 | | | | | | 15,907 | | | | | | 12,893 | | | | | | 14,995 | | |
Net errors and omissions
|
| | | | (2,326) | | | | | | (4,195) | | | | | | 592 | | | | | | 517 | | | | | | (1,275) | | |
| | |
Components of FDI inflow
|
| |||||||||||||||||||||
| | |
Equity
|
| |
Reinvestment of
earnings |
| |
Debt instruments
|
| |
Total (net)
|
| ||||||||||||
| | |
(EUR millions)
|
| |||||||||||||||||||||
Year | | | | | | | | | | | | | | | | | | | | | | | | | |
2018
|
| | | | 4,197 | | | | | | 8,250 | | | | | | 1,108 | | | | | | 13,555 | | |
2019
|
| | | | 2,575 | | | | | | 10,188 | | | | | | (695) | | | | | | 12,069 | | |
2020
|
| | | | 3,910 | | | | | | 10.511 | | | | | | (1,089) | | | | | | 13,332 | | |
2021
|
| | | | 4,880 | | | | | | 15,970 | | | | | | 3,869 | | | | | | 24,719 | | |
2022
|
| | | | 6,145 | | | | | | 16,166 | | | | | | 7,619 | | | | | | 29,931 | | |
| | |
Components of FDI inflow, 2022
|
| |||||||||||||||||||||
| | |
Equity capital
|
| |
Reinvested
earnings |
| |
Other capital
|
| |
Total (net)
|
| ||||||||||||
| | |
(EUR millions)
|
| |||||||||||||||||||||
Economic activity | | | | | | | | | | | | | | | | | | | | | | | | | |
Manufacturing
|
| | | | 2,18.8 | | | | | | 7,150.2 | | | | | | 742.8 | | | | | | 10,011.8 | | |
Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles
|
| | | | 691.7 | | | | | | 3,694.6 | | | | | | 2,133.1 | | | | | | 6,519.5 | | |
Financial and Insurance Activities
|
| | | | 1,596.7 | | | | | | 572.3 | | | | | | 787.9 | | | | | | 2,956.9 | | |
Electricity, Gas, Steam and Air Conditioning Supply
|
| | | | 315.3 | | | | | | 644.6 | | | | | | 1,331.6 | | | | | | 2,291.5 | | |
Professional, Scientific and Technical Activities
|
| | | | 695.5 | | | | | | 785.9 | | | | | | 620.4 | | | | | | 2,101.9 | | |
Construction
|
| | | | 343.2 | | | | | | 788.7 | | | | | | 949.3 | | | | | | 2,081.2 | | |
Information and Communication
|
| | | | (303.5) | | | | | | 513.9 | | | | | | 1,169.1 | | | | | | 1,379.5 | | |
Real Estate Activities
|
| | | | 446.8 | | | | | | 418.3 | | | | | | (95.8) | | | | | | 769.2 | | |
Administrative and Support Service Activities
|
| | | | 1.2 | | | | | | 355.6 | | | | | | 304.2 | | | | | | 661.0 | | |
Total
|
| | | | 6,145.9 | | | | | | 16,166.1 | | | | | | 7,619.0 | | | | | | 29,931.1 | | |
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
January−
November 2023** |
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Export
|
| |
Export
|
| |
Import
|
| |
Export
|
| |
Import
|
| |
Export
|
| |
Export
|
| |
Import
|
| |
Export
|
| |
Import
|
| ||||||||||||||||||||||||||||||
| | |
(%)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Developed Countries: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Germany
|
| | | | 28.2 | | | | | | 27.7 | | | | | | 21.9 | | | | | | 29.0 | | | | | | 21.9 | | | | | | 28.2 | | | | | | 27.7 | | | | | | 21.9 | | | | | | 29.0 | | | | | | 21.9 | | |
United Kingdom
|
| | | | 6.2 | | | | | | 6.0 | | | | | | 2.3 | | | | | | 5.7 | | | | | | 2.1 | | | | | | 6.2 | | | | | | 6.0 | | | | | | 2.3 | | | | | | 5.7 | | | | | | 2.1 | | |
Other EU countries
|
| | | | 46.2 | | | | | | 46.3 | | | | | | 31.6 | | | | | | 45.1 | | | | | | 33.5 | | | | | | 46.2 | | | | | | 46.3 | | | | | | 31.6 | | | | | | 45.1 | | | | | | 33.5 | | |
Other developed countries
|
| | | | 6.5 | | | | | | 6.8 | | | | | | 10.0 | | | | | | 6.5 | | | | | | 7.6 | | | | | | 6.3 | | | | | | 7.0 | | | | | | 6.6 | | | | | | 9.0 | | | | | | 6.8 | | |
Total developed countries
|
| | | | 87.1 | | | | | | 86.8 | | | | | | 65.8 | | | | | | 86.3 | | | | | | 65.1 | | | | | | 86.4 | | | | | | 62.7 | | | | | | 87.3 | | | | | | 62.2 | | | | | | 86.7 | | |
Central and Eastern Europe: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CEFTA(1) | | | | | 0.7 | | | | | | 0.7 | | | | | | 0.4 | | | | | | 0.5 | | | | | | 0.5 | | | | | | 0.6 | | | | | | 0.4 | | | | | | 0.7 | | | | | | 0.5 | | | | | | 0.7 | | |
Russia
|
| | | | 3.0 | | | | | | 3.1 | | | | | | 6.1 | | | | | | 3.0 | | | | | | 4.4 | | | | | | 2.8 | | | | | | 5.9 | | | | | | 1.4 | | | | | | 4.2 | | | | | | 1.1 | | |
Other Central and Eastern Europe(2)
|
| | | | 2.1 | | | | | | 2.2 | | | | | | 1.3 | | | | | | 2.5 | | | | | | 1.2 | | | | | | 2.3 | | | | | | 1.6 | | | | | | 2.8 | | | | | | 1.5 | | | | | | 3.3 | | |
Total Central and Eastern Europe
|
| | | | 5.8 | | | | | | 6.0 | | | | | | 7.8 | | | | | | 6.0 | | | | | | 6.1 | | | | | | 5.7 | | | | | | 7.9 | | | | | | 4.8 | | | | | | 6.2 | | | | | | 5.1 | | |
Developing countries
|
| | | | 7.1 | | | | | | 7.2 | | | | | | 26.4 | | | | | | 7.7 | | | | | | 28.8 | | | | | | 7.9 | | | | | | 29.4 | | | | | | 7.9 | | | | | | 31.6 | | | | | | 8.3 | | |
Total | | | | | 100.0 | | | | | | 100.0 | | | | | | 100.0 | | | | | | 100.0 | | | | | | 100.0 | | | | | | 100.0 | | | | | | 100.0 | | | | | | 100.0 | | | | | | 100.0 | | | | | | 100.0 | | |
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||
| | |
(U.S.$ millions)
|
| | | | | | | |||||||||||||||||||||
Official Reserve Assets(1) Excluding Monetary Gold
|
| | | | 117,209.1 | | | | | | 140,343.3 | | | | | | 152,541.3 | | | | | | 153,370.8 | | | | | | 170,027.9 | | |
Official Reserve Assets of Monetary Gold
|
| | | | 11,195.9 | | | | | | 13,902.9 | | | | | | 13,508.3 | | | | | | 13,324.1 | | | | | | 23,784.4 | | |
Total Official Reserve Assets
|
| | | | 128,405.0 | | | | | | 154,246.2 | | | | | | 166,049.6 | | | | | | 166,694.9 | | | | | | 193,812.2 | | |
Months of Import Coverage(2) in Total Official Reserves Assets
|
| | | | 6.1 | | | | | | 7.6 | | | | | | 6.2 | | | | | | 5.5 | | | | | | 8.3* | | |
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||
| | |
(PLN per $1.00)
|
| |||||||||||||||||||||||||||
End of period
|
| | | | 3.7977 | | | | | | 3.7584 | | | | | | 4.0600 | | | | | | 4.4018 | | | | | | 3.9350 | | |
Average
|
| | | | 3.8395 | | | | | | 3.8993 | | | | | | 3.8629 | | | | | | 4.4607 | | | | | | 4.2021 | | |
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||
| | |
(PLN per €1.00)
|
| |||||||||||||||||||||||||||
End of period
|
| | | | 4.2585 | | | | | | 4.6148 | | | | | | 4.5994 | | | | | | 4.6899 | | | | | | 4.3480 | | |
Average
|
| | | | 4.2980 | | | | | | 4.4448 | | | | | | 4.5674 | | | | | | 4.6869 | | | | | | 4.5430 | | |
| | |
Lombard Rate
|
| |
Reference Rate
|
| |
Deposit Rate
|
| |||||||||
| | |
(%)
|
| |||||||||||||||
Effective Date | | | | | | | | | | | | | | | | | | | |
| | | | 5.50 | | | | | | 4.00 | | | | | | 2.50 | | | |
| | | | 5.25 | | | | | | 3.75 | | | | | | 2.25 | | | |
| | | | 4.75 | | | | | | 3.25 | | | | | | 1.75 | | | |
| | | | 4.50 | | | | | | 3.00 | | | | | | 1.50 | | | |
| | | | 4.25 | | | | | | 2.75 | | | | | | 1.25 | | | |
| | | | 4.00 | | | | | | 2.50 | | | | | | 1.00 | | | |
| | | | 3.00 | | | | | | 2.00 | | | | | | 1.00 | | | |
| | | | 2.50 | | | | | | 1.50 | | | | | | 0.50 | | | |
| | | | 1.50 | | | | | | 1.00 | | | | | | 0.50 | | | |
| | | | 1.00 | | | | | | 0.50 | | | | | | 0.00 | | | |
| | | | 0.50 | | | | | | 0.10 | | | | | | 0.00 | | | |
| | | | 1.00 | | | | | | 0.50 | | | | | | 0.00 | | | |
| | | | 1.75 | | | | | | 1.25 | | | | | | 0.75 | | | |
| | | | 2.25 | | | | | | 1.75 | | | | | | 1.25 | | | |
| | | | 2.75 | | | | | | 2.25 | | | | | | 1.75 | | | |
| | | | 3.25 | | | | | | 2.75 | | | | | | 2.25 | | | |
| | | | 4.00 | | | | | | 3.50 | | | | | | 3.00 | | | |
| | | | 5.00 | | | | | | 4.50 | | | | | | 4.00 | | | |
| | | | 5.75 | | | | | | 5.25 | | | | | | 4.75 | | | |
June 9. 2022
|
| | | | 6.50 | | | | | | 6.00 | | | | | | 5.50 | | |
| | | | 7.00 | | | | | | 6.50 | | | | | | 6.00 | | | |
| | | | 7.25 | | | | | | 6.75 | | | | | | 6.25 | | | |
| | | | 6.50 | | | | | | 6.00 | | | | | | 5.50 | | | |
| | | | 6.25 | | | | | | 5.75 | | | | | | 5.25 | | |
| | |
Q1 2023
|
| |
Q2 2023
|
| |
Q3 2023
|
| |
Q4 2023
|
| |
2023
|
| |||||||||||||||
| | |
(nominal amount, PLN billions)
|
| |||||||||||||||||||||||||||
Gross sales of Treasury securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Treasury bonds
|
| | | | 44.1 | | | | | | 52.0 | | | | | | 58.3 | | | | | | 64.2 | | | | | | 218.6 | | |
Treasury bills
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Total | | | | | 44.1 | | | | | | 52.0 | | | | | | 58.3 | | | | | | 64.2 | | | | | | 218.6 | | |
Net sales of Treasury securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Treasury bonds
|
| | | | 10.1 | | | | | | 20.3 | | | | | | 27.7 | | | | | | 32.2 | | | | | | 90.2 | | |
Treasury bills
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Total | | | | | 10.1 | | | | | | 20.3 | | | | | | 27.7 | | | | | | 32.2 | | | | | | 90.2 | | |
| | |
As of December 31,
|
| |||||||||||||||||||||||||||
| | | | |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| ||||||||||||||||
| | |
(years)
|
| |||||||||||||||||||||||||||
ATM | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Domestic debt
|
| | | | 4.53 | | | | | | 4.23 | | | | | | 4.16 | | | | | | 4.11 | | | | | | 4.08 | | |
Foreign debt
|
| | | | 6.06 | | | | | | 5.72 | | | | | | 6.43 | | | | | | 6.81 | | | | | | 8.63 | | |
Total | | | | | 4.97 | | | | | | 4.63 | | | | | | 4.75 | | | | | | 4.84 | | | | | | 5.25 | | |
ATR | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Domestic debt
|
| | | | 3.18 | | | | | | 3.16 | | | | | | 3.00 | | | | | | 2.98 | | | | | | 3.02 | | |
Foreign debt
|
| | | | 4.82 | | | | | | 4.72 | | | | | | 5.55 | | | | | | 6.05 | | | | | | 6.75 | | |
Total | | | | | 3.64 | | | | | | 3.57 | | | | | | 3.66 | | | | | | 3.80 | | | | | | 3.99 | | |
Duration(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Domestic debt
|
| | | | 3.10 | | | | | | 3.09 | | | | | | 2.87 | | | | | | 2.51 | | | | | | 2.65 | | |
Foreign debt
|
| | | | 4.71 | | | | | | 4.76 | | | | | | 5.31 | | | | | | 4.95 | | | | | | 5.31 | | |
Total | | | | | 3.58 | | | | | | 3.55 | | | | | | 3.55 | | | | | | 3.18 | | | | | | 3.31 | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |||||||||||||||
| | |
(% GDP)
|
| |||||||||||||||||||||||||||
General government balance
|
| | | | (0.2) | | | | | | (0.7) | | | | | | (6.9) | | | | | | (1.8) | | | | | | (3.7) | | |
Central government
|
| | | | (0.6) | | | | | | (1.1) | | | | | | (7.9) | | | | | | (1.9) | | | | | | (3.2) | | |
Local government
|
| | | | (0.3) | | | | | | (0.2) | | | | | | 0.2 | | | | | | 0.6 | | | | | | (0.4) | | |
Social security funds
|
| | | | 0.6 | | | | | | 0.6 | | | | | | 0.7 | | | | | | (0.5) | | | | | | (0,0) | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |||||||||||||||
| | |
(PLN millions)
|
| |||||||||||||||||||||||||||
General government balance
|
| | | | (5,305) | | | | | | (17,009) | | | | | | (161,834) | | | | | | (48,195) | | | | | | (112,833) | | |
Central government
|
| | | | (11,839) | | | | | | (25,208) | | | | | | (183,725) | | | | | | (49,006) | | | | | | (98,693) | | |
Local government
|
| | | | (6,719) | | | | | | (4,686) | | | | | | 4,463 | | | | | | 14,918 | | | | | | (12,989) | | |
Social security funds
|
| | | | 13,253 | | | | | | 12,885 | | | | | | 17,428 | | | | | | (14,107) | | | | | | (1,151) | | |
| | |
2020
|
| |
2021
|
| |
2022
|
| |
2023(1)
|
| |
2024(2)
|
| |||||||||||||||
| | |
(PLN billions, except as otherwise indicated)
|
| |||||||||||||||||||||||||||
Total revenue
|
| | | | 419.8 | | | | | | 494.8 | | | | | | 504.8 | | | | | | 601.4 | | | | | | 682.4 | | |
Total expenditure
|
| | | | 504.8 | | | | | | 521.2 | | | | | | 517.4 | | | | | | 693.4 | | | | | | 866.4 | | |
Balance
|
| | | | (85.0) | | | | | | (26.4) | | | | | | (12.6) | | | | | | (92.0) | | | | | | (184.0) | | |
| | |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
2024(2)
|
| |||||||||||||||
| | |
(% GDP)
|
| |||||||||||||||||||||||||||
Total revenue
|
| | | | 18.0 | | | | | | 18.8 | | | | | | 16.5 | | | | | | 17.5 | | | | | | 18.1 | | |
Total expenditure
|
| | | | 21.6 | | | | | | 19.8 | | | | | | 16.9 | | | | | | 20.1 | | | | | | 23.0 | | |
Balance
|
| | | | (3.6) | | | | | | (1.0) | | | | | | (0.4) | | | | | | (2.7) | | | | | | (4.9) | | |
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
I-XII
2023(1) |
| |||||||||||||||
| | |
(PLN millions)
|
| |||||||||||||||||||||||||||
Total revenue
|
| | | | 278,507 | | | | | | 304,930 | | | | | | 333,409 | | | | | | 345,673 | | | | | | 361,770 | | |
Total expenditure
|
| | | | 280,209 | | | | | | 299,241 | | | | | | 315,967 | | | | | | 353,853 | | | | | | 384,454 | | |
Balance
|
| | | | -1,702 | | | | | | 5,689 | | | | | | 17,442 | | | | | | -8,180 | | | | | | -22,684 | | |
| | |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
2024(1)
|
| |||||||||||||||
| | |
(PLN millions)
|
| |||||||||||||||||||||||||||
Nominal Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tax Revenue
|
| | | | 370,261.8 | | | | | | 432,170.4 | | | | | | 465,456.1 | | | | | | 506,444.9 | | | | | | 603,917.2 | | |
VAT and other indirect taxes
|
| | | | 258,677.1 | | | | | | 294,580.9 | | | | | | 230,390.5 | | | | | | 244,894,0 | | | | | | 316,425.0 | | |
Corporate Income Tax
|
| | | | 41,293.1 | | | | | | 52,373.8 | | | | | | 70,136.6 | | | | | | 67,380.4 | | | | | | 70,037.4 | | |
Personal Income Tax
|
| | | | 63,797.4 | | | | | | 73,606.2 | | | | | | 68,107.2 | | | | | | 91,256.9 | | | | | | 109,205.8 | | |
Non-tax Revenue
|
| | | | 47,401.9 | | | | | | 60,521.2 | | | | | | 36,782.3 | | | | | | 63,527.4 | | | | | | 74,534.7 | | |
Dividends
|
| | | | 468.8 | | | | | | 1,800.9 | | | | | | 1,679.7 | | | | | | 0 | | | | | | 3,070.7 | | |
Transfers from the NBP
|
| | | | 7,437.1 | | | | | | 8,876.9 | | | | | | 844.5 | | | | | | 0 | | | | | | 6,000.0 | | |
Custom Duties
|
| | | | 4,557.7 | | | | | | 6,412.9 | | | | | | 8,271.6 | | | | | | 0 | | | | | | 8,659.0 | | |
Payments, fees, interest and others
|
| | | | 32,001.1 | | | | | | 40,285.1 | | | | | | 22,535.8 | | | | | | 0 | | | | | | 51,816.3 | | |
Local government payments
|
| | | | 2,937.2 | | | | | | 3,145.5 | | | | | | 3,450.9 | | | | | | 0 | | | | | | 3,671.8 | | |
Revenue from EU and other non-returnable means
|
| | | | 2,132.0 | | | | | | 2,151.9 | | | | | | 2,582.3 | | | | | | 3,252.5 | | | | | | 4,988.6 | | |
Total Revenue
|
| | | | 419,795.7 | | | | | | 494,843.5 | | | | | | 504,820.8 | | | | | | 573,221.9 | | | | | | 682,375.7 | | |
| | |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
2024(1)
|
| |||||||||||||||
| | |
(% GDP)
|
| |||||||||||||||||||||||||||
Tax Revenue
|
| | | | 15.8 | | | | | | 16.4 | | | | | | 15.1 | | | | | | 14.7 | | | | | | 16.0 | | |
VAT and other indirect taxes
|
| | | | 11.1 | | | | | | 8.2 | | | | | | 7.5 | | | | | | 7.1 | | | | | | 8.4 | | |
Corporate Income Tax
|
| | | | 1.8 | | | | | | 2.0 | | | | | | 2.3 | | | | | | 2.0 | | | | | | 1.9 | | |
Personal Income Tax
|
| | | | 2.7 | | | | | | 2.8 | | | | | | 2.2 | | | | | | 2.6 | | | | | | 2.9 | | |
Non-tax Revenue
|
| | | | 2.0 | | | | | | 2.3 | | | | | | 1.2 | | | | | | 1.8 | | | | | | 2.0 | | |
Dividends
|
| | | | 0.0 | | | | | | 0.1 | | | | | | 0.1 | | | | | | 0.0 | | | | | | 0.1 | | |
Transfers from the NBP
|
| | | | 0.3 | | | | | | 0.3 | | | | | | 0.0 | | | | | | 0.0 | | | | | | 0.2 | | |
Custom Duties
|
| | | | 0.2 | | | | | | 0.2 | | | | | | 0.3 | | | | | | 0.0 | | | | | | 0.2 | | |
Payments, Fees, Interest and others
|
| | | | 1.4 | | | | | | 1.5 | | | | | | 0.7 | | | | | | 0.0 | | | | | | 1.4 | | |
Local government payments
|
| | | | 0.1 | | | | | | 0.1 | | | | | | 0.1 | | | | | | 0.0 | | | | | | 0.1 | | |
Revenue from EU and other non-returnable means
|
| | | | 0.1 | | | | | | 0.1 | | | | | | 0.1 | | | | | | 0.1 | | | | | | 0.1 | | |
Total Revenue
|
| | | | 18.0 | | | | | | 18.8 | | | | | | 16.4 | | | | | | 16.6 | | | | | | 18.1 | | |
| | |
2020
|
| |
2021
|
| |
2022
|
| |
2023(3)
|
| |
2024(3)
|
| |||||||||||||||
| | |
(PLN million)
|
| |||||||||||||||||||||||||||
Subsidies(1) | | | | | 10,722 | | | | | | 3,102 | | | | | | 2,981 | | | | | | 9,317 | | | | | | 12,109 | | |
Social Insurance
|
| | | | 89,419 | | | | | | 79,301 | | | | | | 86,132 | | | | | | 112,578 | | | | | | 168,999 | | |
Current Expenditures of the Budget Sphere
|
| | | | 240,448 | | | | | | 251,732 | | | | | | 251,632 | | | | | | 291,460 | | | | | | 376,481 | | |
Debt Service and Guarantees(2)
|
| | | | 29,300 | | | | | | 25,958 | | | | | | 32,718 | | | | | | 62,000 | | | | | | 66,500 | | |
Capital Expenditures
|
| | | | 33,396 | | | | | | 42,041 | | | | | | 25,238 | | | | | | 67,376 | | | | | | 73,204 | | |
Subsidies to Local Authorities
|
| | | | 67,029 | | | | | | 78,032 | | | | | | 74,645 | | | | | | 99,638 | | | | | | 117,935 | | |
EU own resources
|
| | | | 24,828 | | | | | | 32,230 | | | | | | 34,294 | | | | | | 34,883 | | | | | | 36,460 | | |
Co-financing EU projects
|
| | | | 9,634 | | | | | | 8,821 | | | | | | 9,759 | | | | | | 16,127 | | | | | | 14,689 | | |
Total State Budget Expenditures
|
| | | | 504,776 | | | | | | 521,217 | | | | | | 517,399 | | | | | | 693,378 | | | | | | 866,376 | | |
| | |
2020
|
| |
2021
|
| |
2022
|
| |
2023(3)
|
| |
2024(4)
|
| |||||||||||||||
| | |
(% GDP)
|
| |||||||||||||||||||||||||||
Subsidies(1) | | | | | 0.5 | | | | | | 0.1 | | | | | | 0.1 | | | | | | 0.3 | | | | | | 0.3 | | |
Social Insurance
|
| | | | 3.8 | | | | | | 3.0 | | | | | | 2.8 | | | | | | 3.3 | | | | | | 4.5 | | |
Current Expenditures of the Budget Sphere
|
| | | | 10.3 | | | | | | 9.6 | | | | | | 8.2 | | | | | | 8.5 | | | | | | 10.0 | | |
Debt Service and Guarantees(2)
|
| | | | 1.3 | | | | | | 1.0 | | | | | | 1.1 | | | | | | 1.8 | | | | | | 1.8 | | |
Capital Expenditures
|
| | | | 1.4 | | | | | | 1.6 | | | | | | 0.8 | | | | | | 2.0 | | | | | | 1.9 | | |
Subsidies to Local Authorities
|
| | | | 2.9 | | | | | | 3.0 | | | | | | 2.4 | | | | | | 2.9 | | | | | | 3.1 | | |
EU own resources
|
| | | | 1.1 | | | | | | 1.2 | | | | | | 1.1 | | | | | | 1.0 | | | | | | 1.0 | | |
Co-financing EU projects
|
| | | | 0.4 | | | | | | 0.3 | | | | | | 0.3 | | | | | | 0.5 | | | | | | 0.4 | | |
Total State Budget Expenditures
|
| | | | 21.6 | | | | | | 19.8 | | | | | | 16.9 | | | | | | 20.1 | | | | | | 23.0 | | |
| | |
As at 31 December
|
| |
As at 30 September
|
| ||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||
| | |
(PLN millions)
|
| |||||||||||||||||||||||||||
Public finance debt
|
| | | | 990,946 | | | | | | 1,111,806 | | | | | | 1,148,579 | | | | | | 1,209,496 | | | | | | 1,275,307 | | |
Central government debt
|
| | | | 907,647 | | | | | | 1,020,649 | | | | | | 1,055,782 | | | | | | 1,116,110 | | | | | | 1,181,308 | | |
of which: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
State Treasury debt
|
| | | | 905,614 | | | | | | 1,018,569 | | | | | | 1,053,324 | | | | | | 1,113,484 | | | | | | 1,178,827 | | |
Local government debt
|
| | | | 83,241 | | | | | | 91,101 | | | | | | 92,751 | | | | | | 93,355 | | | | | | 93,979 | | |
Social Security debt
|
| | | | 57 | | | | | | 56 | | | | | | 47 | | | | | | 31 | | | | | | 21 | | |
| | |
As at 31 December
|
| |||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||
| | |
(PLN millions except for percentages)
|
| |||||||||||||||||||||||||||
Domestic State Treasury Debt
|
| | | | 716,454 | | | | | | 831,455 | | | | | | 872,682 | | | | | | 949,786 | | | | | | 1,042,414 | | |
as a percentage of GDP
|
| | | | 31.3% | | | | | | 35.6% | | | | | | 33.2% | | | | | | 31.0% | | | | | | | | |
International State Treasury Debt
|
| | | | 256,885 | | | | | | 266,025 | | | | | | 265,352 | | | | | | 288,685 | | | | | | 303,783 | | |
as a percentage of GDP
|
| | | | 11.2% | | | | | | 11.4% | | | | | | 10.1% | | | | | | 9.4% | | | | | | | | |
Total State Treasury Debt
|
| | | | 973,338 | | | | | | 1,097,480 | | | | | | 1,138,034 | | | | | | 1,238,470 | | | | | | 1,346,197 | | |
as a percentage of GDP
|
| | | | 42.5% | | | | | | 46.9% | | | | | | 43.2% | | | | | | 40.4% | | | | | | | | |
GDP
|
| | | | 2,288,492 | | | | | | 2,337,672 | | | | | | 2,631,302 | | | | | | 3,067,495 | | | | | | | | |
| | |
As at 31 December
|
| |||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||
| | |
(EUR millions)
|
| |||||||||||||||||||||||||||
Medium- and Long-Term Loans | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EIB
|
| | | | 8,108 | | | | | | 7,191 | | | | | | 6,266 | | | | | | 6,631 | | | | | | 6,113 | | |
The World Bank
|
| | | | 6,512 | | | | | | 6,261 | | | | | | 5,967 | | | | | | 5,709 | | | | | | 5,377 | | |
CEB
|
| | | | 212 | | | | | | 227 | | | | | | 240 | | | | | | 650 | | | | | | 787 | | |
EU
|
| | | | 0 | | | | | | 1,000 | | | | | | 8,236 | | | | | | 11,236 | | | | | | 15,740 | | |
Total Loans
|
| | | | 14,832 | | | | | | 14,679 | | | | | | 20,709 | | | | | | 24,226 | | | | | | 28,018 | | |
Bonds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bonds | | | | | 45,491 | | | | | | 42,968 | | | | | | 36,983 | | | | | | 37,329 | | | | | | 41,375 | | |
Short-Term Debt
|
| | | | 0 | | | | | | 0 | | | | | | 1 | | | | | | 0 | | | | | | 475 | | |
Total State Treasury External Debt
|
| | | | 60,323 | | | | | | 57,647 | | | | | | 57,692 | | | | | | 61,555 | | | | | | 69,867 | | |
| | |
In millions of
original currency |
| |
Equivalent in
EUR millions |
| |
%
|
| |||||||||
EUR
|
| | | | 56,962 | | | | | | 56,962 | | | | | | 81.5 | | |
U.S.$
|
| | | | 11,850 | | | | | | 10,724 | | | | | | 15.3 | | |
Japanese yen
|
| | | | 282,000 | | | | | | 1,798 | | | | | | 2.6 | | |
Chinese yuan
|
| | | | 3,000 | | | | | | 382 | | | | | | 0.5 | | |
Total | | | | | | | | | | | 69,867 | | | | | | 100.0 | | |
| | |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028
|
| |
2029 and
beyond |
| ||||||||||||||||||
| | |
(EUR millions)
|
| |||||||||||||||||||||||||||||||||
Principal payments
|
| | | | 8,058 | | | | | | 6,815 | | | | | | 7,336 | | | | | | 4,286 | | | | | | 4,941 | | | | | | 37,955 | | |
Loans
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Multilateral
|
| | | | 956 | | | | | | 1,315 | | | | | | 907 | | | | | | 865 | | | | | | 1,590 | | | | | | 6,644 | | |
Other
|
| | | | 0 | | | | | | 0 | | | | | | 1,400 | | | | | | 0 | | | | | | 2,601 | | | | | | 11,739 | | |
Bonds
|
| | | | 7,102 | | | | | | 5,500 | | | | | | 5,029 | | | | | | 3,421 | | | | | | 750 | | | | | | 19,572 | | |
Interest payments
|
| | | | 1,687 | | | | | | 1,754 | | | | | | 1,503 | | | | | | 1,415 | | | | | | 1,263 | | | | | | 12,666 | | |
Loans
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Multilateral
|
| | | | 334 | | | | | | 310 | | | | | | 281 | | | | | | 254 | | | | | | 226 | | | | | | 11,72 | | |
Other
|
| | | | 67 | | | | | | 194 | | | | | | 186 | | | | | | 189 | | | | | | 192 | | | | | | 2,823 | | |
Bonds
|
| | | | 1,285 | | | | | | 1,250 | | | | | | 1,037 | | | | | | 972 | | | | | | 845 | | | | | | 8,671 | | |
Total debt service
|
| | | | 9,745 | | | | | | 8,569 | | | | | | 8,839 | | | | | | 5,701 | | | | | | 6,204 | | | | | | 50,622 | | |
Loans
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Multilateral
|
| | | | 1290 | | | | | | 1625 | | | | | | 1188 | | | | | | 1119 | | | | | | 1816 | | | | | | 7816 | | |
Other
|
| | | | 67 | | | | | | 194 | | | | | | 1586 | | | | | | 189 | | | | | | 2793 | | | | | | 14562 | | |
Bonds
|
| | | | 8387 | | | | | | 6750 | | | | | | 6066 | | | | | | 4393 | | | | | | 1595 | | | | | | 28244 | | |
| | |
2020
|
| |
2021
|
| |
2022
|
| |
Q3 2023
|
| ||||||||||||
| | |
(PLN thousands)
|
| |||||||||||||||||||||
Domestic sureties and guarantees
|
| | | | 198,278,816.4 | | | | | | 243,753,292.1 | | | | | | 270,925,733.6 | | | | | | 269,759,777.0 | | |
Foreign guarantees
|
| | | | 104,596,240.4 | | | | | | 112,573,775.8 | | | | | | 161,870,666.9 | | | | | | 203,847,297.4 | | |
Total State Treasury’s contingent
liabilities |
| | | | 302,875,056.8 | | | | | | 356,327,067.9 | | | | | | 432,796,400.5 | | | | | | 473,607,074.4 | | |
| | |
As at 31 December
|
| |||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
As at
30 September 2023* |
| |||||||||||||||
| | |
(EUR millions)
|
| |||||||||||||||||||||||||||
Central Bank
|
| | | | 12,392 | | | | | | 11,844 | | | | | | 15,163 | | | | | | 18,849 | | | | | | 26,208 | | |
Other investment
|
| | | | 12,392 | | | | | | 11,844 | | | | | | 15,163 | | | | | | 18,849 | | | | | | 26,208 | | |
Special drawing rights (SDRs), Allocation
|
| | | | 1,612 | | | | | | 1,545 | | | | | | 6,472 | | | | | | 6,553 | | | | | | 6,507 | | |
Loans
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Currency and deposits
|
| | | | 10,780 | | | | | | 10,299 | | | | | | 8,691 | | | | | | 12,293 | | | | | | 19,684 | | |
Other liabilities
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 3 | | | | | | 17 | | |
Central and local government
|
| | | | 102,780 | | | | | | 96,897 | | | | | | 89,953 | | | | | | 91,973 | | | | | | 94,743 | | |
Debt securities
|
| | | | 83,612 | | | | | | 73,053 | | | | | | 59,861 | | | | | | 58,321 | | | | | | 61,225 | | |
Bonds and notes
|
| | | | 83,612 | | | | | | 72,852 | | | | | | 59,860 | | | | | | 58,321 | | | | | | 61,225 | | |
Money market instruments
|
| | | | 0 | | | | | | 201 | | | | | | 1 | | | | | | 0 | | | | | | 0 | | |
Other investment
|
| | | | 19,168 | | | | | | 23,844 | | | | | | 30,092 | | | | | | 33,652 | | | | | | 33,518 | | |
Trade credits
|
| | | | 17 | | | | | | 45 | | | | | | 52 | | | | | | 67 | | | | | | 77 | | |
Loans
|
| | | | 19,092 | | | | | | 22,303 | | | | | | 28,868 | | | | | | 32,740 | | | | | | 32,665 | | |
Other liabilities
|
| | | | 59 | | | | | | 1,496 | | | | | | 1,172 | | | | | | 845 | | | | | | 776 | | |
MFIs except the Central Bank
|
| | | | 47,482 | | | | | | 48,919 | | | | | | 48,303 | | | | | | 50,964 | | | | | | 55,577 | | |
Debt securities
|
| | | | 9,361 | | | | | | 10,389 | | | | | | 10,456 | | | | | | 11,422 | | | | | | 15,904 | | |
Bonds and notes
|
| | | | 9,361 | | | | | | 10,362 | | | | | | 10,456 | | | | | | 11,422 | | | | | | 15,904 | | |
Money market instruments
|
| | | | 0 | | | | | | 27 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Other investment
|
| | | | 38,121 | | | | | | 38,53 | | | | | | 37,847 | | | | | | 39,542 | | | | | | 39,673 | | |
Loans
|
| | | | 21,070 | | | | | | 20,811 | | | | | | 19,543 | | | | | | 21,763 | | | | | | 22,120 | | |
Currency and deposits
|
| | | | 16,061 | | | | | | 16,64 | | | | | | 18,109 | | | | | | 17,219 | | | | | | 16,944 | | |
Other liabilities
|
| | | | 990 | | | | | | 1,079 | | | | | | 195 | | | | | | 560 | | | | | | 609 | | |
Other sectors
|
| | | | 66,997 | | | | | | 62,289 | | | | | | 72,023 | | | | | | 77,249 | | | | | | 78,963 | | |
Debt securities
|
| | | | 2,797 | | | | | | 2,957 | | | | | | 4,743 | | | | | | 4,371 | | | | | | 5,226 | | |
Bonds and notes
|
| | | | 2,788 | | | | | | 2,957 | | | | | | 4,742 | | | | | | 4,364 | | | | | | 5,137 | | |
Money market instruments
|
| | | | 9 | | | | | | 0 | | | | | | 1 | | | | | | 7 | | | | | | 89 | | |
Other investment
|
| | | | 64,200 | | | | | | 59,332 | | | | | | 67,280 | | | | | | 72,878 | | | | | | 73,737 | | |
Currency and deposits
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Trade credits
|
| | | | 17,643 | | | | | | 16,820 | | | | | | 21,197 | | | | | | 23,970 | | | | | | 24,160 | | |
Loans
|
| | | | 43,471 | | | | | | 39,862 | | | | | | 43,287 | | | | | | 46,533 | | | | | | 47,134 | | |
Insurance technical reserves
|
| | | | 565 | | | | | | 561 | | | | | | 625 | | | | | | 651 | | | | | | 768 | | |
Other liabilities
|
| | | | 2,521 | | | | | | 2,089 | | | | | | 2,171 | | | | | | 1,724 | | | | | | 1,675 | | |
| | |
As at 31 December
|
| |||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
As at
30 September 2023* |
| |||||||||||||||
| | |
(EUR millions)
|
| |||||||||||||||||||||||||||
Direct investment: intercompany lending
|
| | | | 87,079 | | | | | | 87,463 | | | | | | 97,893 | | | | | | 108,549 | | | | | | 115,122 | | |
Direct investors in direct investment enterprises
|
| | | | 43,343 | | | | | | 45,341 | | | | | | 50,870 | | | | | | 57,563 | | | | | | 62,097 | | |
Direct investment enterprises in direct investors
|
| | | | 4,114 | | | | | | 3,321 | | | | | | 3,396 | | | | | | 4,551 | | | | | | 3,619 | | |
Between related enterprises
|
| | | | 39,622 | | | | | | 38,801 | | | | | | 43,627 | | | | | | 46,435 | | | | | | 49,406 | | |
Total external debt
|
| | | | 316,730 | | | | | | 307,412 | | | | | | 323,335 | | | | | | 347,584 | | | | | | 370,613 | | |
|
|
To the Republic of Poland as to United States
and New York State law: |
| |
To the Republic of Poland as to Polish law:
|
|
|
White & Case LLP
5 Old Broad Street
London EC2N 1DW United Kingdom |
| |
White & Case
M. Studniarek i Wspólnicy Kancelaria Prawna spółka komandytowa
Al. Jana Pawła II 22
00-133 Warsaw Poland |
|
|
Exhibit
Number |
| |
Description
|
|
|
A
|
| | Form of Fiscal Agency Agreement | |
|
B
|
| | Form of Note (attached to the form of Fiscal Agency Agreement under A above) | |
|
C
|
| | Form of Underwriting Agreement | |
|
D
|
| | Legal Opinion of the Director of the Legal Department of the Ministry of Finance of the Republic of Poland | |
|
E
|
| | Opinions of White & Case LLP, U.S. counsel, and White & Case M. Studniarek i Wspólnicy—Kancelaria Prawna Spółka Komandytowa, Polish counsel, to the Republic of Poland as to the legality of the Securities | |
|
F
|
| | The consent of the Director of the Legal Department, Ministry of Finance, Republic of Poland (included in (D)) | |
|
G
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| | The consents of White & Case LLP and White & Case M. Studniarek i Wspólnicy—Kancelaria Prawna Spółka Komandytowa (included in (E)) | |
|
H
|
| | The consent of the Republic of Poland (included on page II-4) | |
This ‘S-B’ Filing | Date | Other Filings | ||
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3/31/24 | ||||
Filed on: | 2/28/24 | |||
2/1/24 | ||||
1/23/24 | ||||
1/1/24 | ||||
12/31/23 | ||||
12/14/23 | ||||
12/1/23 | ||||
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9/30/23 | ||||
9/7/23 | ||||
6/5/23 | ||||
6/1/23 | ||||
3/16/23 | S-B | |||
2/15/23 | ||||
12/31/22 | ||||
12/22/22 | ||||
11/23/22 | ||||
10/12/22 | ||||
9/8/22 | ||||
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12/9/21 | ||||
11/24/21 | ||||
11/15/21 | ||||
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10/27/21 | ||||
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10/6/21 | ||||
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7/22/21 | ||||
7/15/21 | ||||
7/14/21 | ||||
5/7/21 | ||||
4/1/21 | ||||
1/1/21 | ||||
12/31/20 | ||||
8/6/20 | ||||
7/12/20 | ||||
5/29/20 | ||||
4/9/20 | ||||
3/18/20 | ||||
3/1/20 | ||||
2/1/20 | ||||
1/31/20 | ||||
1/23/20 | ||||
12/31/19 | ||||
11/5/19 | ||||
1/1/19 | ||||
10/4/18 | ||||
1/23/18 | ||||
1/1/18 | ||||
2/1/16 | ||||
3/5/15 | ||||
10/9/14 | ||||
9/30/14 | ||||
7/4/13 | ||||
6/6/13 | ||||
5/9/13 | ||||
3/7/13 | ||||
2/7/13 | ||||
1/10/13 | ||||
1/1/11 | ||||
8/27/09 | ||||
1/1/08 | ||||
7/21/06 | ||||
5/1/04 | ||||
4/16/03 | ||||
3/12/99 | ||||
8/29/97 | ||||
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