Key facts
- Poland's State Treasury debt exceeded €500 billion by the end of June 2026.
- The country recorded one of the largest increases in public debt-to-GDP ratio in the EU during Q1 2026.
- Poland's general government debt-to-GDP ratio reached 61.6% of GDP by the end of Q1 2026.
- The Ministry of Finance plans a record 138.6 billion zloty (€32 billion) in net new financing for 2026.
- Around 80% of Poland's State Treasury debt is held domestically.
Poland's public debt has surged past €500 billion, positioning it among the European Union's fastest-indebting nations. According to Eurostat data, only Finland and Bulgaria saw larger increases in their public debt-to-GDP ratios in the first quarter of 2026. The Polish Ministry of Finance reported that State Treasury debt exceeded 2.13 trillion zloty (€492 billion) by the end of May, marking an increase of nearly 184 billion zloty (€42.5 billion) since the year's beginning. Preliminary estimates indicate a further rise to approximately 2.19 trillion zloty (€505 billion) in June.
Eurostat figures reveal that Poland's general government debt-to-GDP ratio climbed by 4.5 percentage points over the year by the end of the first quarter, the third-highest rise in the EU. Despite this rapid growth, Poland's overall debt level remains below the EU average of around 82.9%, standing at 61.6% of GDP at the end of Q1 2026. The Ministry of Finance's figures for State Treasury debt, a major component of public debt, show a significant increase, driven primarily by the state budget's borrowing needs to finance a large deficit and build up funds.
The Ministry of Finance plans to raise approximately 138.6 billion zloty (€32 billion) in net new financing in 2026, the highest figure in Poland's public finance history. This substantial borrowing is attributed to a record budget deficit and the need to refinance existing bonds. The debt structure indicates that about 80% of State Treasury debt is held domestically, with just under 20% in external liabilities, and the share of debt in foreign currencies is below the 25% strategic limit.
While Poland's debt remains below the EU average, economists note that the rapid pace of its growth presents challenges for maintaining stable public finances and controlling debt-servicing costs. Persistent high deficits and weakening economic growth could constrain future public spending.