According to the provisions of LO 6/2013 on the creation of AIReF, the macroeconomic forecasts that are incorporated into the draft budgets of the Public Administrations must have an AIReF report indicating whether they have been endorsed or not.
This report assesses the macroeconomic forecasts that will accompany the preliminary draft budget for 2020 of the Valencian Community, as they are differentiated forecasts from those of the Spanish economy as a whole. The GDP and Employment forecasts are evaluated, analyzing the presence of biases. It will be considered that there is a bias in the forecast of a variable if it is outside the forecast interval of the econometric model used to compare it.
