This past February we published a report titled "What will happen to the Spanish economy in 2021? Our opinion in ten minutes". At that time there was a resoundingly negative outlook on the Spanish economy, which was mired in a deep recession. Our opinion was that: i) in March, vaccines would protect the most vulnerable, i.e. those 80 and over, who accounted for two-thirds of deaths. ii) the number of deaths would fall from mid-March, particularly in April, by at least 65%; iii) as a result, social alarm would fall and consumer confidence would increase, and therefore; iv) the economy would experience very strong growth from April, as Spaniards began to spend a significant part of their 50 billion euros in excess savings. With this in mind, in February we stated that Spanish economic growth (annual GDP growth) would reach 8%, compared to a consensus estimate of less than 5.5% (now close to 6%).