Overview
- Vice‑president and economy minister Carlos Cuerpo told Congress he will take a revised cuadro macroeconómico to the Council of Ministers on 23 June, and that document will serve as the technical base for the 2027 Presupuestos Generales del Estado.
- A Boletín Oficial del Estado order published in early June requires each ministry to submit spending plans by 29 June, making the 23 June macro update the binding forecast for those submissions.
- The government has flagged risks from the Middle East conflict, estimating a possible 0.1–0.4 percentage‑point hit to growth and about a one‑point rise in inflation, but that estimate has not yet been folded into the official macro framework.
- Parliamentary backing is far from assured because the current legislature has not passed a full state budget and a prior 2026 attempt failed after rejection of stability and debt targets, which raises the prospect of fresh clashes when the 2027 package reaches Congress.
- The BOE order frames spending priorities — housing, health, education, digitalization, youth, employment, equality and R&D — and the upcoming timetable will shape whether those priorities are funded and how households and public services feel the impact.