There was a time just a few years back when Spain ranked second after Greece, as a figure of the euro zone's huge debt crisis and economic slowdown. The country's unemployment climbed to a huge twenty seven percent and the economy was still recoiling even when other countries in the eurozone were moving towards gradual recovery from the financial crisis and recession that hit the world in 2008.

Things have dramatically changed since then, now Spain shines in the EU's listless recovery, in spite of operating for months without a formal government following a split election that left a political deadlock.

Some of the economists say the success story behind Spain is lies in its steep fall but its leading economic officials say the turnaround offers a glimpse for the other EU nations to see how to use boarder banking reforms and reforms in the labor to jump-start an economic growth.

In an interview, Spanish Economic Minister Luis de Guindos said "It shows you how a country that approves the correct policies can start to grow again."

In 2015, the country's economy gained 3.2percent and in this year, it is expected to grow by 2.7 percent. Spain has recovered almost one third of its 3.5 million jobs that were lost during the recession time. That has helped in lowering its unemployment rate to twenty percent, which is still a high level of joblessness.