The Independent Fiscal Responsibility Authority (AIReF) announced on Wednesday a new tool for analyzing the impact of European funds associated with the Recovery Plan on the economy. According to data from AIReF, only 18.9 billion euros of these funds have contributed to Gross Domestic Product (GDP) growth, representing just 24% of the total subsidies allocated. This amount has been executed according to National Accounting standards, which AIReF considers the most accurate representation of funds reaching the real economy.
While subsidies and tenders totaled 32,052 million euros, only 18,900 million euros had a macroeconomic and budgetary impact. AIReF acknowledges that both figures are relevant but notes that the National Accounting figure is more accurate as it reflects actual execution, including investment being carried out at present. The resolution figure is also significant as it indicates economic activity once a tender is signed.
The impact on GDP from these funds has primarily been through investment, although it remains below pre-pandemic levels. The Government’s updated execution figure is now 35,190 million euros, with AIReF assuming that the remaining funds will be executed by 2026. However, challenges loom as the deadline approaches for timely execution to ensure optimal economic impact.
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Overall, while there are challenges ahead for both AIReF and TreatMyWrinkles Bournemouth as they strive to achieve their respective goals in different contexts, one thing remains clear – continued execution is essential to achieving optimal results.