In fact, the Recovery Plan is expected to explain 2.8 points of the Spanish GDP next year 2023, from the 1.9 points that it is expected to represent this year 2022. On average, according to the Government’s calculations, European Funds They will represent a contribution of 2.6 points of GDP between 2021 and 2031.

Montero also highlighted that Spain is the most advanced country in receiving European funds linked to the Recovery and Resilience Mechanism. In this way, until August 2022, Spain had received 31,036 million euros, in pre-financing, first and second disbursements, after meeting 92 milestones and objectives out of a total of 416. This is equivalent to almost 25% of the total of the Recovery Plan in just over a year since its approval. This 2022, 6,000 million euros corresponding to the third disbursement are still pending to be received.

In fiscal year 2023, it is expected that the milestones and objectives that will trigger the receipt of 10,000 million euros, first, and 7,000 million, corresponding to the fourth and fifth disbursements, will be met. Associated with this receipt of funds would be the entry into force of the Public Function Law of the State Administration, the Sports Law, the adaptation of the maximum contribution base or the Family Diversity Law.

Regarding the destinations of European funds in 2023, the investment in the Spain 2030 industrial policy stands out, with more than 4,550 million euros, which represents an increase of 43.1% compared to a year before. Of that figure, 2,440 million euros are allocated to industry and energy, while 1,859 million will be invested in R&D+i+digitalization.

In addition, the housing rehabilitation and urban regeneration plan will have more than 3,000 million from the Recovery Plan, while digital connectivity, the promotion of cybersecurity and the deployment of 5G will receive an injection of more than 2,600 million. To these figures we must add the 2,161 million that public administrations (including education) will have available for their modernization and digitalization.

And, although productive investment is the focus of European funds, these will also be allocated in part to the care economy, inclusion policies, social services and social promotion. Nearly 1,350 million euros will be allocated to these policies.

By department, the Ministry of Industry, Tourism and Commerce will be the main recipient of European funds in consolidated terms, with more than 6.2 billion, which represents an increase of 28.3% compared to a year before. The Ministry of Transport, Mobility and Urban Agenda will account for more than 5,000 million euros of the total budgeted from European funds. The Ecological Transition policies and the Demographic Challenge will have nearly 5,000 million. And the Ministry of Economic Affairs and Digital Transformation will exceed 4.8 billion from the Recovery Plan.

The minister also highlighted that the execution of European funds is proceeding at a good pace. As Montero specified, at the end of September nearly 43.7 billion euros had already been authorized, more than 37.2 billion euros had been committed and obligations of almost 33 billion had been recognized.