Spain | Granular monitoring of the Recovery Plan. July 2026

Summary

The Plan has awarded €62.7 billion, 78% of the amount planned. Individuals and SMEs account for most beneficiaries; large and medium-sized firms for the amount awarded. Implementation is higher in lower-income regions. Two months before the deadline, the current implementation rate is not enough to complete the commitments.

Key points

• Key points:
• In the first half of 2026, the monthly average for contract awards and grant allocations fell to €1.1 billion, 9% less than at the end of 2025. If this continues, 87% of the transfers will have been implemented by August 2026; fulfilling the Plan requires investing twice the amount invested during the entire first half of the year in two months.
• The distribution of beneficiaries has barely changed since the end of 2025. Individuals (62%) and microenterprises and SMEs (28%) are the direct recipients. Large and medium-sized companies represent 1.5% of beneficiaries and account for almost one-third of the amount awarded. MOVES and Kit Digital account for two out of every three beneficiaries.
• Regarding regional impact, Madrid, Catalonia, Andalusia and the Valencian Community account for most of the resources. Relative to regional GDP, lower-income regions record higher implementation, with Aragon and Madrid as exceptions.
• The green transition represents 24% of the investment implemented under the RRM and is concentrated in sustainable mobility, energy efficiency and renewable energy. The rate has slowed to around €300 million per month; if maintained, 54% of the commitment would have been implemented by the end of the deadline.

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