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In the early 2000s the Spanish economy was also booming, but it was on the back of debt-fuelled domestic demand, an overheated and uncompetitive construction sector and a severe housing bubble. The trade deficit reached more than €100bn. Now exports make up a third of national output, compared to a quarter before the crisis, and there was a €22bn current account surplus in 2017. The domestic construction sector has shrunk rapidly, replaced by manufacturing and other high-skilled industries. “The Spanish economy is seeing robust growth, but also more resilient growth,” says Daniel Lacalle, chief economist at fund manager Tressis. Moody’s, on issuing their ratings upgrade last month, said: “It has become increasingly clear that structural changes in the economy have changed the growth model to one that is broader-based and more sustainable than in past recoveries.”