Spain is on the correct path

Finally some good news from Spain. The government confirmed the fastest economic growth in the last six years despite having the highest unemployment rate in the whole European Union at 26 percent.

Official figures released by officials show that domestic product grew in the first quarter by 0.5 percent. Although the figure might look insignificant, it's quite big actually. It is so big it is rated the highest rate in six years by the Spanish National Statistics Institute.

Spanish economy started recovering mid way through 2013 and has been on a constant rise since then. However, the government is still facing high rated unemployment. A recent statistic showed almost 5.9 million people are jobless in Spain.

“We expect the recovery to continue over the medium term. Spain has turned the corner,” the International Monetary Fund said this week in a statement regarding the fourth largest economy in the eurozone.