According to preliminary data for 2025 from Experian’s Yearbook, public authorities granted €11,152.17 million in the first half of 2025, 36.59% less than in the same period of 2024.
Analysed by Consejeros Editorial Team
The Experian Yearbook for 2024 and the first half of 2025 confirms that, following the extraordinary record set in 2023, public funding for businesses in Spain has entered a phase of normalisation.
In 2024, public authorities granted €28,015.23 million in subsidies and grants to support economic activity, representing a 38.24 per cent decrease compared with the €45,360.56 million granted in the previous financial year.
Despite this correction, the report – produced in collaboration with Nebrija University – notes that the volume of aid remains well above pre-pandemic levels and reflects the consolidation of a new model of public funding in which European funds, the energy transition and digitalisation continue to play a central role.
SMEs: the main recipients of public funding
Within the section on grants aimed at commercial companies, SMEs maintained their leading position and accounted for €14.998,10 million, compared with the €5.832,85 million received by large companies. In relative terms, this means that SMEs absorbed 72 per cent of the total funding granted to commercial companies in 2024.
The report also shows that the number of transactions moderated. Over the year as a whole, 1,401,755 grants and subsidies were recorded, compared with 1,638,363 in 2023, representing a fall of 14.44%.
The State retains control of funding
One of the key structural features highlighted by the Yearbook is the high concentration of public funding within the General State Administration. In 2024, the State channelled 92.21% of the aid directed at commercial companies, whilst regional authorities contributed the remaining 7.79%.
By autonomous community, Madrid led the way with €3.765,03 million, followed by the Valencian Community with €3.662,24 million, and Catalonia with €2.923,04 million.
Sectoral changes: manufacturing, education and energy
The sectoral breakdown of aid also reflects the evolution of public priorities. In 2024, the manufacturing sector remained the main recipient, with €4.528,41 million, followed by wholesale and retail trade, with €2.859,93 million, and education, with €1.826,61 million. Agriculture also gained ground, with €1.489,61 million.
In the first half of 2025, the trend points to a new phase, with greater prominence for the supply of electricity and gas, which once again ranked among the most heavily funded sectors, suggesting an upturn in funding linked to the energy transition and industrial decarbonisation.
Public procurement gains ground
In contrast to the moderation in grants, public tendering experienced a strong surge in 2024. The number of contracts awarded to commercial companies reached 274,919 – 153.77 per cent more than in 2023.
This shift confirms the transition from a phase of massive grant awards towards a phase of project implementation, in which public procurement is taking centre stage as a means of channelling public and European funds.
First half of 2025: the slowdown continues
Data for the first half of 2025 confirm the downward trend.
During this period, public authorities awarded €11,152.17 million, 36.59 per cent less than in the same period of 2024. Grants to commercial companies stood at €8,810.21 million, whilst those allocated to non-commercial organisations and the self-employed reached €2,341.97 million.
Even so, the proportion accounted for by SMEs remains high: in the first half of 2025, they received €6,545.95 million, compared with €2,167.38 million for large companies.
You can view the full study here.
