Medium-term fiscal outlook

Medium-term fiscal forecast (or medium-term budgetary traffic light) predicts outturn of individual revenue and expenditure items of the public entities in a current year as well as in a time period of subsequent three years, which is consistent with the budgetary time horizon. A starting point for the current year prediction is a forecast from the budgetary traffic light, development of budget in the medium term follows a macroeconomic forecast of the CBR.  The objective of the medium-term fiscal forecast is identifying and assessing fiscal risks for the general government budget in the medium-term. At the same time, the forecast predicts development of relevant fiscal indicators, in particular the general government balance, the structural balance and the levels of gross and net public debt.  The medium-term fiscal forecasts is prepared subsequently after the release of the macroeconomic forecast of the CBR, thus it is published with the same frequency.