The Independent Authority for Fiscal Responsibility (AIReF) endorses the forecasts for 2023 presented by the Balearic Islands. These macroeconomic forecasts are made in a context of uncertainty that makes their assessment difficult at the national level, but even more so at the territorial level, since the latest information available on the Regional Accounts of Spain refers to the year 2020 and is not consistent with the information for the country as a whole after the statistical revisions of last September.
According to estimates for the Balearic Islands, the community’s GDP could grow by 11.1% in 2022 and 3.9% in 2023. The estimate for 2022 is optimistic in relation to those made by AIReF and other institutions, while the forecast for 2023 is slightly below the central probability bands estimated by AIReF. Taking into account the high uncertainty and downside risks, AIReF considers the forecasts for 2023 presented by this autonomous community to be feasible and as such endorses them.