Ever since the accession of Spain to the European Economic Community, Andalusia has been recipient of European Funds, hence, this paper proposes an analysis that will reveal the economic impact of the Funds received by the Autonomous Community of Andalusia during the period 2007-2013. For this, we will present a Computable General Equilibrium Model (CGE), which will assess, in different simulation scenarios, the effects on the main macroeconomic indicators. The results will highlight the significant contribution of the European Funds for regional growth in the period analyzed.