Ever since the accession of Spain to the European Economic Community, Andalusia has been recipient of European Funds. This paper proposes an analysis that will reveal the economic impact of the European Funds received by the Autonomous Region of Andalusia during the period 2007-2013. With this purpose, a Computable General Equilibrium (CGE) model will be implemented to assess, in different simulation scenarios, the effects of those funds on the main macroeconomic indicators. The results will highlight the significant contribution of the European Funds to the regional growth during the period analysed.