Lower economic growth implies lower income, and in case of no decline in spending, a higher than currently planned growth of 1¾% in consolidated budget deficit will automatically follow! Hence, it is of utmost importance that we design a set of measures to be implemented in case economic growth turns out to be lower than planned for the period ahead. 3.
Manufacturing production remains robust, although supply shortages, mainly related to difficulties in procuring materials and equipment, could generate some headwinds for industrial activity in the near term. Soft data also signal strong momentum in global activity, led by the rebound in advanced economies where vaccination rates have picked up. Additional fiscal support, most notably the US fiscal stimulus package, is also supporting the recovery.