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July 26, 2021
Positive development on tax collection and a lower impact of the pandemic introduce biases in the deficit forecasts, which are revised to 7.7% of GDP in 2021 and 5.5% in 2022. The approval of the Recovery Plan and the suspension of fiscal rules anticipate that fiscal policy will remain expansionary.
April 28, 2021
The 2020 health crisis resulted in a large deficit of 10.1% of GDP and pushed public debt up to 120%. Going forward, fiscal policy will be conditioned by the suspension of fiscal rules and the arrival of Recovery funds, which suggests that it will remain expansionary.
