Spanish GDP: The crystal clear lie


In 2013 4T the Spanish government had to work wonders to hide the making up. And now they are announcing with fanfare that the country is on the growth path. But this is just because of public spending. Without it, Spain’s GDP would be of 0.7% in the last three months and a 2% in a year. Where is the growth path?

But the media are like chatterboxes saying that consumption is booming. Excuse me, what consumption? Public consumption, obviously, which is artificially sustaining the economy.

And this is a minor detail. Keeping up with a sluggish GDP is extremely expensive.


About the Author

Miguel Navascués
Miguel Navascués has worked as an economist at the Bank of Spain for 30 years, and focuses on international and monetary economics. He blogs in Spanish at: http://

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