News / Insights

The Assonime report analyzes the progress of the National Recovery and Resilience Plan (PNRR), highlighting significant room for growth in the implementation of planned investments. By the end of 2024, Italy had received €122 billion, equal to 63% of available funds, with actual spending of €58.6 billion, approximately 30% of the total. The use of resources is proceeding at a slower pace than expected, and €135.8 billion remains available to be spent by 2026.

Project progress varies across the Plan’s different missions. Sustainable mobility infrastructure shows significant progress compared to the schedule, although actual spending is still less than 40% of the allocated resources. Digitalization and the green transition are driven by tax incentives, while investments in energy retrofitting have already absorbed a significant portion of the available funds. The timeline highlights a mismatch between resource allocation and actual implementation: to date, approximately 80% of the funded measures have incurred spending of less than 30% of the allocated budget, indicating the need for accelerated implementation over the next 18 months to meet the Plan’s deadlines.

On the macroeconomic front, the PNRR’s impact on growth has so far been more modest than expected. Initial estimates projected a more pronounced increase in GDP, but accumulated delays have progressively postponed the anticipated positive effects. According to forecasts by the Parliamentary Budget Office, the PNRR’s impact on GDP in 2026 could reach +2.9%—a downward revision from the government’s initial estimates, which projected a +3.4% increase. The actual completion of the projects will therefore be crucial to confirming these projections and ensuring a lasting boost to growth.

For the real estate market, the completion of the infrastructure and digital projects outlined in the PNRR can provide a significant boost to the sector’s competitiveness. The integration of public and private investments will be crucial for enhancing strategic assets such as logistics, residential real estate, and initiatives with a strong ESG focus.

2025 is shaping up to be a decisive year for the implementation of the PNRR, with a focus on projects in advanced stages and the effective use of remaining resources. The ability to overcome implementation challenges and accelerate spending will be crucial to ensuring a tangible impact on the country’s economic and infrastructure fabric.