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    AIReF English

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

    Study on the macroeconomic and budgetary scenario of 2018 and 2019 under the assumption of constant policies

    The Government requested the Independent Authority for Fiscal Responsibility (AIReF) to carry out a study on the macroeconomic and budgetary scenario for 2018 and 2019 under the assumption of constant policies. Article 5 of Organic Law 6/2013, of November 14, on the creation of AIReF, contemplates that this institution may carry out studies at the request, among others, of the Government of the Nation.

    AIReF estimates a central deficit scenario for the general government as a whole of 2.7% and 2.2% of GDP in 2018 and 2019, respectively. This forecast implies a deficit reduction of 0.4% of GDP in 2018 and 0.5% in 2019. This path of public deficit reduction, under the assumption of constant policies, is consistent with an inertial macroeconomic scenario characterized by the maintenance of relatively high activity growth rates and a certain recovery in prices and wages.

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