Abstract. The article reviews the political and economic situation in Spain during the second half-year of 2013 and in the first six months of 2014. The author makes an attempt to find out, if this country has been able to bring to an end the period of unstable development in connection with the global financial and economic crises and how successful are the structural reforms, which have been carried out in Spain in recent years. The changes at political landscape of the country, the question of the Catalan referendum in reference to the future of Catalonia in the unified Spanish state, problems of the Spanish foreign policy, a possible alteration of place and role of Spain in the EU energy strategy are also analyzed.