Spain a eurozone dynamo despite political deadlock

London

ACTING Spanish Prime Minister Mariano Rajoy is facing a confidence vote this week, a necessary step to try to form a new government after almost eight months of political paralysis in Madrid. The vote will help determine whether Spain faces a third straight general election in December, after inconclusive ballots in June, and also December last year.

Yet, despite the political gridlock gripping the country since last December, the Spanish economy (the fourth largest in the eurozone behind Germany, France and Italy) is proving to be one of the most dynamic in the continent. The latest GDP data shows that the country grew 3.2 per cent over the last year, with the economy now having expanded for 12 consecutive quarters.