The Independent Authority for Fiscal Responsibility (AIReF) publishes the Report on the Initial Budgets of the Public Administrations (AAPP) for 2022, in which it updates its macroeconomic and fiscal forecasts in accordance with the new geopolitical situation, which has led to inflationary tensions not seen since the 1970s, and the latest information available.
Given the difficulty of assessing the economic consequences of this conflict, AIReF presents a new macroeconomic scenario in which it reduces its forecast for real GDP growth to 4.3%. In fiscal terms, AIReF revises in its central scenario the deficit forecast for the general government sector as a whole to 4.2% of GDP from the 4.8% forecast in the previous report.