Spain is the EUs third largest economy, which has been in a recession for the last year. The latest GDP report indicates that trend isn't ending anytime soon. First, consider this chart of GDP>
The red line shows the quarter to quarter growth rate, which has been negative for the last six quarters. Additionally, the latest drop is the largest, indicating the trend isn't getting any better.
Simply put, there is nothing positive in the above charts. The Spanish economy -- the third largest in the EU -- is still in terrible shape and is showing no signs of recovery.