Spain | Time is running fast for the Recovery Plan

Summary

The Recovery, Transformation, and Resilience Plan is entering its final stretch with an undeniable challenge: it is time to turn commitments into executed projects.

Key points

• Key points:
• Although Spain has managed to deploy a very significant portion of European funds, the recent pace of execution has cooled and is no longer sufficient to complete the planned investments.
• According to BBVA Research analysis, as of the end of November 2025, contracts and grants amounting to 75% of the planned transfers—nearly €59.9 billion—had already been awarded, representing around 3.6% of GDP.
• In the last quarter, the monthly volume of tenders and grants awarded has fallen to about €1.2 billion, 9% less than in midyear.
• At the current pace, by August 2026—the official deadline—around 89% of the planned transfers would have been allocated. To reach 100% of the committed investments within the timeline agreed with Brussels, the monthly execution pace would need to increase by more than 80%, to an average of about €2.2 billion.
• The challenge is most evident in the green transition. Although the Plan originally earmarked 40% of its resources for climate objectives, so far only 23% of executed spending can be considered green (€13.85 billion).

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