We test the importance of the three ‘p factors’ (performance, process and probity) to explain the evolution of political trust in Spain between 1997 and 2019. To this end, the study analyses two longitudinal datasets, namely, a repeated cross-sectional dataset from the Spanish samples of Eurobarometer and an individual-level panel survey conducted during a period of economic recovery in 2015. The study finds that perception about corruption and political process matter greatly in shaping political trust and to a lesser extent economic performance. Although the Great Recession is likely responsible for the sharp decline in trust towards political parties and the parliament between 2008 and 2012, the analysis suggests that trust in representative institutions remains low even after the Recession because of a series of devastating incidents regarding corruption and perceived shortcomings of the political process. In contrast, the study finds certain indications that trust in the judicial system might have been mainly affected by perceptions of corruption.