[Lee]

I predict that Spain's population boom will come to an abrupt end, as immigrants will no longer be attracted to this low producvity/construction bust economy. Immigrants from South America are already moving back home. The fertility rate in Spain is very low, and there is no way from preventing population decline, assuming immigration slows.

And unlike Germany, Spanish workers are not very competitive, and has lost what little manufacturing base it had, due to declining productivity, and lack of reform during the boom years. It does have a strong financial industry, but this is a small part of GDP anyway.