Twice a year the PBO publishes a Report that discusses the assessments of the Government’s macroeconomic and public finance forecasts, as well as compliance with national and European fiscal rules:

  • in the spring – in conjunction with the presentation of the Stability Programme – the “Budgetary Planning Report”
  • in the autumn – in conjunction with the budget session – the “Budgetary Policy Report”.

Immediately before the publication of each report, the PBO completes the process of validation of the macroeconomic forecasts contained in the Government’s planning documents, using the criteria established by EU legislation. The validation letters for the macroeconomic forecasts for each report can be found on this page.







Validation letter for the 2021-2022 macroeconomic policy scenario (5 October 2021)

Validation letter for the 2021-22 macroeconomic trend scenario (24 September 2021)


2021 Budgetary Planning Report

Validation letter for the 2021-2024 macroeconomic policy scenario (21 April 2021)

Validation letter for the 2021-2024 macroeconomic trend scenario (31 March 2021)










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