The Independent Authority for Fiscal Responsibility (AIReF) today endorsed the Government’s macroeconomic forecasts for 2026-2029, as set out in the Economic Situation Report, after being asked for the first time to report on this scenario at the start of the process of drawing up the 2027 General State Budget. AIReF considers that this practice helps ensure that the budgetary stability objectives are underpinned, from the very start of the budgetary process, by realistic macroeconomic forecasts.
The endorsement follows a request from the Government concerning the macroeconomic scenario that serves as the basis for drawing up the Economic Situation Report 2026-2029. This report, prepared annually by the Ministry of the Economy, Trade and Enterprise, contains a multiannual macroeconomic framework serving two purposes: to set the reference GDP growth rate for the expenditure rule and to assess the economic situation envisaged for each year of the period.