Question 15

Does the Executive’s Budget Proposal or any supporting budget documentation present information on the macroeconomic forecast upon which the budget projections are based? (The core information must include a discussion of the economic outlook with estimates of nominal GDP level, inflation rate, real GDP growth, and interest rates.)
 * a. Yes, information beyond the core elements is presented for the macroeconomic forecast.
 * b. Yes, the core information is presented for the macroeconomic forecast.
 * c. Yes, information is presented, but it excludes some core elements.
 * d. No, information related to the macroeconomic forecast is not presented.
 * e. Not applicable/other (please comment).

Guidelines
Question 15 focuses on the macroeconomic forecast that underlies the budget’s revenue and expenditure estimates, asking whether “core” information related to the economic assumptions is presented. These core components include a discussion of the economic outlook as well as estimates of the following:
 * nominal GDP level;
 * inflation rate;
 * real GDP growth; and
 * interest rates.

While the core macroeconomic information should be a standard feature of the Executive’s Budget Proposal, the importance of some types of macroeconomic assumptions may vary from country to country. For example, the budget estimates of some countries are particularly affected by changes in the price of oil and other commodities.

Beyond these core elements, some governments also provide additional information related to the economic outlook, including for instance: short and long-term interest rates; rate of employment and unemployment; GDP deflator; price of oil and other commodities; current account; exchange rate; and composition of GDP growth.

To answer “a,” the Executive’s Budget Proposal or supporting documentation must present all of the core information related to the macroeconomic forecast as well as some additional information beyond the core elements. To answer “b,” the Executive’s Budget Proposal or supporting documentation must present all of the core components noted above. Answer “b” is also accepted if one of the core elements is not presented but additional information beyond the core elements is presented. A “c” answer applies if some information related to the macroeconomic forecast is presented, but some of the core pieces of information are not included. Answer "d” applies if no information on the macroeconomic forecast is presented.