In the last fi ve years Tunisia has been presented mostly as a success story of political transition. It managed to adopt a new constitution and to conduct the parliamentary and presidential elections in 2014. Finally, civil society groups, which helped to end the political crisis in 2013, won the Nobel peace prize. If we look from the institutional perspective and the ability of political groups to compromise, indeed we can say that Tunisia is a success story. Th e picture is more bleak, however, if we try to assess the infl uence of economic factors on the development of Tunisian democracy, especially in light of recent terrorist attacks and social protests. Th e aim of the article is to answer the questions, to what extent economic crisis can inhibit democratic consolidation in Tunisia and what Tunisia can learn from the Spanish experience of political transition.