Spanish economy improves, but hard work lies ahead

The Spanish economy is starting to show some positive signs. Last week results from the tourist season showed that 2012 was a record year, and yesterday foreign exports data indicated that the 29.463 million euro trade deficit shrank by thirty percent since November 2012.

Without counting energy exports, we are talking about a historic trade surplus. Family wealth (the difference between savings and debt) rebounded 5.5% and upturned a downward trend that has lasted for three straight quarters. These figures need careful consideration without falling into complacency, because the situation is still unstable and several critical reforms are pending. The government should carry them out as soon as possible.