The 2024 Yearbook and the first half of 2025 from Experian’s Public Administrations (produced in collaboration with Nebrija University) confirms that, after the extraordinary record reached in 2023, public financing to businesses in Spain has entered a normalization phase. In 2024, Public Administrations granted €28,015.23 million in subsidies and support to economic activity, a decrease of 38.24% compared with €45,360.56 million in the previous year.
Despite this correction, the volume of aid remains well above pre-pandemic levels and reflects the consolidation of a new model of public financing in which European funds, the energy transition, and digitalization continue to play a central role.
SMEs, the Main Recipients of Public Funding
Within the section of aid directed at corporate entities, SMEs maintained their leading position and accounted for €14,998.10 million, compared with €5,832.85 million received by large companies. In relative terms, this means SMEs absorbed 72% of the total financing extended to corporate entities in 2024.
The report also shows that the number of transactions moderated as well. Across the year, 1,401,755 subsidies and aids were recorded, versus 1,638,363 in 2023, which represents a 14.44% drop.
The State Maintains Control of Funding
One of the major structural features highlighted by the Yearbook is the strong concentration of public funding in the General State Administration. In 2024, the State channeled 92.21% of the aid directed to corporate entities, while autonomous bodies contributed the remaining 7.79%.
By autonomous communities, Madrid led with €3,765.03 million, followed by the Valencian Community with €3,662.24 million, and Catalonia with €2,923.04 million.
Sector Changes: Manufacturing, Education and Energy
The sectoral distribution of the aid also reflects the evolution of public priorities. In 2024, the manufacturing industry remained the top 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 weight, with €1,489.61 million.
In the first half of 2025, the trend points to a new phase, with greater prominence given to electricity and gas supply, which again placed among the most-funded sectors, suggesting a rebound in aid linked to energy transition and industrial decarbonization.
The Public Contracting Gains Momentum
In contrast to the moderation of subsidies, public bidding experienced a strong uptick in 2024. The number of awards to corporate entities reached 274,919, up 153.77% from 2023. This shift confirms the move from a broad grant phase toward a project-execution phase, in which public procurement takes center stage as a channel for public and European funds.
Data from the first half of 2025 confirm the adjustment trend. In that period, Public Administrations granted €11,152.17 million, down 36.59% from the same period in 2024. Aid to corporate entities stood at €8,810.21 million, while those allocated to non-corporate entities and the self-employed reached €2,341.97 million.
Nevertheless, the weight of SMEs remains high: in the first half of 2025 they received €6,545.95 million, compared with €2,167.38 million for large companies.
