The Independent Authority for Fiscal Responsibility (AIReF) endorses the forecasts accompanying Galicia’s 2024 draft budget, which presents estimates of GDP growth and its components on the supply and demand side in volume terms, as well as GDP in current terms, the implicit GDP deflator and employment for the period 2023-2024 different from the latest estimates of the macroeconomic scenario for the country as a whole.
Galicia estimates GDP growth in volume terms of 1.9% in 2024. This forecast is lower than the range of forecasts made by other agencies for the autonomous community -although these forecasts do not yet include the recent revisions of the national accounts-, although it is between the 40-60th percentiles of AIReF’s estimates (central estimate of 1.6%). The nominal growth expected for 2024, the year for which the budgets are formulated, is slightly higher than AIReF’s forecast, although this is feasible given the high volatility of deflators in recent years.