THE Spanish economy has been growing faster than many of its neighbours and, according to reports yesterday, the growth is set to continue.

In fact, it would seem on paper that the country has finally crawled its way out of the crippling recession, although a record number of people are still trying to find work.
Here in the Balearics, we are already seeing the first signs of economic growth for five years and next year, the rate of growth is forecast to double.

No doubt, when the King and the Prime Minister meet in Palma today, the economic news will bring a smile to their faces, if nothing else does.

Prime Minister Mariano Rajoy managed to hold out and stall on Spain needing a full scale bail out and it appears to have worked because, despite all the aid Italy has had thrown at her, she slipped back into recession yesterday.

Spain’s factory output is up again and private investment from across the world, in particular the Far and Middle East and the United States is beginning to flood into the country which will only serve to help ease the burden on the regional governments which are still trying to balance the books and clear their deficits.

But, a word of caution. Let us just hope that this new generation of investment does not end up being handled by the old generation of politicians, you know the ones I mean, the ones with deep pockets! Otherwise it will be wasted.