We've watched the terrible crisis in Spain for a few years, i.e. very high unemployment, troubled banks, negative growth, etc.

It's not over yet but things may be turning around, according to The Economist:

"Deep in the real economy, exciting things are happening.

Car plants are humming, taking work from less competitive factories in Europe. Retail sales figures are improving elsewhere.

Even consumer credit has crept up in recent months. Recession inflicted a brutal cull on businesses, but those still standing are more efficient and productive than ever.

Exports, spurred by Spain's new competitiveness, should grow more than 5% both this year and next, doubling their pre-recession weight in the economy.

With exports booming, the current account has swung into surplus.

Recovery in the European Union, Spain's main export market, will help further. The stockmarket is soaring, with the Ibex-35 indicator gaining 11% in September.

After a bruising 21 months in office, Mr Rajoy predicts economic happiness next year. His Popular Party (PP) has even seen a bounce in opinion polls."

My friend Jose M Guardia in Barcelona also sees better days ahead.  Jose blogs in Spanish and Engish.  He thinks that the worst is behind us and is cautiously optimistic of the near term.   At the same time, he warned us that will have to tolerate higher than usual unemployment or maybe the new "standard" in post crisis Spain and Europe.

P. S. You can hear my chat with Jose M Guardia (BarcePundit) in Barcelona & follow me on Twitter @ scantojr.