In accordance with Article 7 of the Statutes of the Public Finance Council (CFP), this report analyses the Draft State Budget for 2018 (DSB/2018). This Report was preceded by the CFP’s Opinion on the macroeconomic forecasts underlying the State Budget.
This report is structured in five chapters and one annex. The first chapter is introductory and presents the structure of the document. The second assesses the consistency of the budgetary projections with the macroeconomic scenario and the measures envisaged. The third chapter assesses the budgetary adjustment, the budgetary stance and compliance with the budgetary rules in force. The fourth analyses the indebtedness foreseen in DSB/2018 and the evolution of public debt. Finally, the fifth chapter appreciates the forecasts for sub-sector accounts. The annex presents the DSB/2018 review of the initial forecast for the 2017 consolidated accounts included in the DSB/2017 and presents a set of detailed tables on which the condensed versions of the chapters are based.
General government budget aggregates have not been adjusted for the effect of temporary measures, one-off measures and other special factors. However, where relevant for a better assessment of the fiscal consolidation effort, this adjustment is duly noted in the text.