The Independent Authority for Fiscal Responsibility (AIReF) publishes the report on the draft budgets and key budgetary guidelines of the General Government (GG) required by the Organic Law on Budgetary Stability and Financial Sustainability (LOEPSF), despite the limitations imposed by the delay in the budget cycle, which affects fiscal supervision, the planning capacity of other public administrations, and institutional quality.
In the report, AIReF updates its medium-term economic and budgetary forecasts based on constant policies, with an improvement in GDP for 2025 and 2026 and an improvement in the estimate of the public deficit and debt throughout the forecast period. AIReF also updates its forecasts for growth in net primary expenditure excluding revenue measures, the main monitoring variable in the new European fiscal framework, and identifies difficulties in complying with the new fiscal rules.
