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I ran this completely unscientific comparison.

startTime = %timestamp();
For x = 1 to 1000;
gResult = ' ' + BASE + ' ';
Endfor;
endTime = %timestamp();
charOut = %char( %diff(endTime :startTime :*ms) );
Dsply charOut;

startTime = %timestamp();
For x = 1 to 1000;
EXEC SQL set :gResult = space(5) || :BASE || space(5);
Endfor;
endTime = %timestamp();
charOut = %char( %diff(endTime :startTime :*ms) );
Dsply charOut;

Results for 2 runs:
DSPLY 39
DSPLY 12531

DSPLY 63
DSPLY 13600

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