The Public Finance Council (CFP) highlighted a lack of clarity and consistency in the government's revised 2027 state budget proposal regarding interest expenses. Interest costs are now projected to rise by 23.2%—from 6.6 billion to 8.2 billion euros—representing a sharp, unexplained increase from estimates presented just three months ago.
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The Public Finance Council (CFP) considers the Government's forecast of a 0.1% GDP budget surplus for 2027 to be plausible, but warns that certain economic measures could threaten the budgetary targets.
The government's 2027 State Budget proposal allocates an additional 1.231 billion euros for public sector personnel expenses, covering salary increases, career progressions, and the minimum wage hike. Current agreements suggest a 2.3% salary increase for 2027, but unions are demanding higher raises and increased food subsidies due to inflation concerns. The budget is scheduled for a general discussion and vote in Parliament on October 27–28, with the final global vote set for November 24, 2026.
The government's macroeconomic forecast for the 2027 State Budget projects an increase in average 3-month market interest rates to 3.4% and an average Brent crude oil price of 86.1 dollars per barrel. These projections are part of a fiscal scenario that anticipates economic growth of 2.1% and a budget surplus of 0.2% in 2027.