In 1991, the Spanish and world economic trends diverged. The Spanish economy has continued to grow at a faster pace (2.4% in GDP terms) than the Twelve (1.3% on average) . Indeed, a member country, the United Kingdom, even went into recession, during this period with its GDP falling 1.4% (appendix 4). Nonetheless, Spain's current account deficit has remained a matter of concern (2.9% of GDP in 1991). The State deficit was not cut down and widened to 4.4% of GDP. Inflation in turn …
showed first 75 words of 2974 total

showed last 75 words of 2974 total
…almost uninterrupted growth. If we consider the contractionary state of both pre-WWII and Civil War Spain, and contrast it with the growth during the second half of the 20th century, we could conclude that we could very well be in the midst of a long Golden Age for Spain, to be followed by a drop in output growth in the latter part of the 21st century, in a development that would perfectly fit Maddison's hypothesis.