The Independent Authority for Fiscal Responsibility (AIReF) published its Report on Budgetary Execution, Public Debt and Expenditure Rules in 2025 for the different General Government (GG) sub-sectors today – a key report in the national fiscal supervision cycle, which aims to identify in advance risks to compliance with fiscal rules for the current year in order to prevent them from materialising. AIReF warns of inconsistencies between the European and national fiscal frameworks. In fact, it estimates that compliance with the national expenditure rule by the Central Government (CG) and the Autonomous Regions (ARs) would require additional measures of almost €11bn in 2025, but would lead to over-compliance with the European rule.
In the report, AIReF updates its economic and fiscal forecasts in line with the latest Spanish National Accounts and budgetary execution data available and the new measures adopted by the sub-sectors. Furthermore, given the coexistence of two different fiscal frameworks, it analyses the non-compliance observed in 2024, the Economic and Fiscal Plans (PEFs) of the non-compliant ARs and the risk of non-compliance with the European expenditure commitments made for 2025. AIReF also publishes individual reports on the ARs, with an analysis of the PEFs of those in breach and a supplementary report on the LGs.