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    AIReF English

    “Our mission is to guarantee effective compliance of the financial sustainability principle by the General Goverment”

    Reports on the Initial Budgets of the General Government 2022

    The Independent Authority for Fiscal Responsibility (AIReF) today published the Report on the Initial Budgets of the General Government (GG) for 2022. This report contains updates of its macroeconomic and fiscal forecasts in line with the new geopolitical situation, which has led to inflationary tensions that have not been seen since the 1970s, and the latest available information. Within the difficulty of assessing the economic consequences of this conflict, AIReF presents a new macroeconomic scenario in which it lowers forecasts for real GDP growth to 4.3%. In fiscal terms, AIReF revises the General Government deficit forecast in its central scenario to 4.2% of GDP from the 4.8% forecast in the previous report.

    In the report, AIReF points out that the environment in which the Spanish economy operates remains characterised by extreme uncertainty, although the epicentre has shifted from the health sector to the economy’s supply capacity and, in particular, to energy markets. The disruptions in production chains and energy markets that emerged over 2021 have been heavily amplified by the invasion of Ukraine by the Russian army in February 2022, generating inflationary tensions not seen since the 1970s.

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