"SPANISH GROWTH outstrips leading European rivals", the government-owned news agency EFE, reports:

The Spanish economy grew 0.9 percent in the first quarter from the previous three months and was up 3.3 percent from a year earlier.

It is the largest growth in the economy for three years, analysts said.

The level of growth outstripped many leading countries in the so-called eurozone.

Who'd've thunk after reading on this blogs about current account deficits and siestas, eh? Well, let's keep reading EFE's report to see if we learn anything:

The growth figures were compiled according to a new way of calculating and comparing this data, an INE [national statistics institute, also gov't owned] spokesman said.

Say no more, EFE, say no more. I guess they deserve credit for explaining what the secret sauce is, on the same article!

UPDATE. More about Spain's economy at the Financial Times. If you read it you'll quickly notice that the FT is not owned by the Zapatero administration, as EFE is.


Click here to send me an email