- Coronavirus.BBVA substantially worsens its forecast for Spain: 11.5% collapse and 160,000 million deficit
The Independent Authority for Fiscal Responsibility (AIReF) estimates that tax revenues will reach 40.3% of Gross Domestic Product (GDP) this year, which is a difference of nine tenths with respect to the estimate that the Government recorded in the Stability Program. Or more clearly: the body led by Cristina Herrero considers that the figure offered by the Treasury is inflated by 10,000 million euros.
The data is included in the report on budget execution published today by AIReF, and in which the income estimate has been revised upwards . Previously, in the review it made of the budget plan, the Tax Authority announced that the difference was even greater. But this Thursday, after updating some accounting reviews, he has concluded that the difference is of those 10,000 million.
Along with this modification, the agency has presented an almost total revision of its economic forecasts that includes a worsening of practically all the figures. In fact, the revision of the income estimate is almost the only increase.
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