Spain | Granular monitoring of the Recovery Plan. December 2025

Summary

Public administrations have awarded contracts and grants equivalent to 75% of the planned investments financed with transfers from the Recovery and Resilience Facility (3.6% of GDP). However, the pace of implementation has slowed, and it will need to be accelerated to meet the planned deadlines and objectives.

Key points

• Key points:
• The disbursement of funds under the Plan has reached €59.9 billion by the end of November 2025. As the Plan nears its end, the pace of new tenders and aid has decreased by 38% compared to the end of last year. The Government has modified the loan disbursement plan, reducing the amount of borrowing planned with MRR funds to €22.8 billion.
• The recent slowdown in the pace of disbursement, from 9% compared to June 2025 to €1.2 billion per month, jeopardizes meeting the schedule and requires increasing investments by more than 80% to achieve 100% of the commitments by August 2026. At the current rate, approximately 89% of the planned disbursements will have been completed by the end of the Plan, although the new agreed conditions could help accelerate this progress.
• The Plan has reached more than 1,400,000 beneficiaries, primarily individuals (62%) and small businesses (25%). However, large companies, which represent only 1.4% of the beneficiaries, receive nearly 30% of the resources.
• The Plan's funds are distributed across the country and are relatively aligned with the economic weight of the regions. Nevertheless, when analyzing investment relative to GDP, it is observed that regions with lower GDP per capita receive a larger share of these funds.
• The green transition accounts for 23% of the investments financed by the Renewable Energy Management Plan (REMP), with spending still heavily focused on mobility, efficiency, and renewables. The current pace of implementation (almost €400 million on average per month) is insufficient to achieve the committed climate objectives. By the end of the Plan, only 54% of the €32 billion committed will have been reached.

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