Spain | Granular monitoring of the Recovery Plan. December 2025

Granular monitoring of the Recovery Plan. December 2025

Virginia Pou, Pep Ruiz, Jorge San Vicente

Summary and main ideas

According to information from the State Public Procurement Platform (PLACSP) and the National System of Subsidies and Public Aid (SNSAP), contracts and grants have already been awarded for an amount equivalent to 75% of the planned investments financed with RRF transfers, which represents 3.6% of GDP. At the beginning of the last quarter, the pace of execution slowed down by 9% compared to the end of June, which makes it necessary to significantly accelerate execution in the coming months to meet the planned deadlines and objectives.

The execution of the Recovery Plan transfers is advancing, while the limited deployment of loans has led the Government to lower the committed amount

• By the end of November 2025, contracts and aid financed with Recovery Plan transfers for more than 59.926 billion euros had been resolved, 75% of the total planned investments under the Recovery and Resilience Mechanism (RRF).

• Since the start of the Plan, more than 41.4 billion euros have been tendered and 31.21 billion awarded, which represents 75.4% of the tendered amount.

• In the area of subsidies, 48.458 billion euros have been called and aid of 28.716 billion has been granted, 59% of the total called.

• Loan execution remains lagging: only about 18.15 billion euros have been implemented, 22% of the initially allocated amount. This, together with the current favorable financial conditions, has led the Government to reduce the volume of loans financed with European funds from the initial 83 billion euros to the 22.8 billion requested in the Simplification Addendum approved on December 9.

• Overall, the data confirms that as the end of the Plan approaches, a downward trend is observed in the implementation of new tenders and aid.

• At the beginning of the last quarter of the year, the average monthly pace of aid and tenders for the Recovery Plan has slowed down, with a 9% drop compared to June 2025, to around 1.2 billion euros.

• If this pace were maintained, by the end of the official execution period of the Plan (August 2026), about 89% of the planned transfers would have been completed, about 70.8 billion euros. Even extending execution until December 2026, the degree of compliance would not exceed 95% of the planned investments.

• To reach 100% of the committed investment within the planned schedule, a clear turn in execution would be necessary, with an acceleration of more than 80% of the current pace, to an average of about 2.2 billion euros per month.

Individuals and small businesses account for the majority of the more than 1,410,000 beneficiaries of the Plan

• By the end of November 2025, the Plan's investments have mainly reached individuals (62%) and small businesses (26%), although these groups account for only 5% and 25% of the funds, respectively. In contrast, large companies, despite representing only 1.4% of the beneficiaries, absorb nearly 30% of the total amount granted.

• A very significant part of the Plan's beneficiaries is concentrated in the MOVES and Kit Digital programs, which group together 68% of the total, with 164,034 and 795,844 beneficiaries, respectively.

• In the case of MOVES, 87% of the beneficiaries are individuals, who have received 38% of the program's funds (466 million euros).

• In the Digital Kit, the main recipients are freelancers, individuals, and micro-enterprises, which account for the majority of both the concessions and the amount granted (respectively, 58% and 29% of the concessions and 42% and 28% of the amount).

• As seen previously, individuals constitute the largest group of beneficiaries, with significant weight, both in number and amount, in Andalusia (69.5% of concessions and 7.9% of the amount), Castilla-La Mancha (69.0% and 10.9%), and Extremadura (66.4% and 7.5%).

• They are followed by micro-enterprises and SMEs, which represent 31% of the beneficiaries and 39% of the total amount, with a greater presence in Navarre (38.8%), Catalonia (38.0%), and Cantabria (37.5%), and a greater volume of aid in Navarre (49.2%), Aragon (47.2%), and Madrid (47.0%).

• The participation of large companies is higher in Aragon (2.0%), the Balearic Islands (1.9%), and Madrid (1.9%), compared to a national average of 1.4%, and they concentrate a greater volume of funds in the Canary Islands (38.9%), the Balearic Islands, and Castile and Leon (35.1% in both cases), above the 30% national average.

• Finally, the public sector presents a concentration higher than the national average (1.3%) in La Rioja (3.6%), Aragon (2.7%), and Galicia (2.3%); in terms of amount, aid to the public sector, which accounts for 8.5% of the Plan's total, is concentrated in La Rioja (15.9%), Andalusia (12.0%), and the Balearic Islands (11.0%).

The green transition accounts for 23% of the investments made and maintains an insufficient pace of execution to reach the Plan's climate goals.

• The Recovery Plan allocates 40% of its total investment to climate change and energy transition goals (around 32 billion euros), which makes specific monitoring of its degree of execution especially relevant.

• According to BBVA Research's analysis, by November 2025, more than 13.85 billion euros had been allocated to investments linked to the green transition, equivalent to 23% of the total expenditure financed with the RRF. Of this amount, 10.726 billion correspond to subsidies, with a very high weight of the MOVES programs (whose aid has exceeded 1.216 billion euros), while the awarded tenders amount to 3.132 billion euros.

• Green spending is mainly concentrated in sustainable mobility, energy efficiency, and renewable energies, which absorb, respectively, 33%, 30%, and 17% of green investments, and are well above areas such as adaptation to climate change or water management.

• As in the program as a whole, in territorial terms, most of the funds are concentrated in the largest communities, Madrid, Catalonia, Andalusia, and the Valencian Community, although the distribution becomes more balanced when normalizing by GDP or population.

• Green investments have reached an average monthly pace of almost 400 million euros. If this dynamic continues, by August 2026, about 17 billion euros would have been executed, which would represent only 54% of the total committed in the Plan for these goals.

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