UPDATE: Just occurred to me: Is it possible that pgAdmin counts not the actual time of the query, but the time required to draw the results in the grid?
I just executed
To get execution time on the server without data transfer to the client, use EXPLAIN ANALYZE.
Or use the keyboard shortcut in the pgAdmin query tool: SHIFTF7 (depending on your OS and version, check the query menu for keyboard shortcut).
BTW, if you consult the pgAdmin manual, use the current release - 1.18 as of now:
http://www.pgadmin.org/docs/1.18/query.html