Spain's Zombie Developments

By Bloomberg Photos - 2013-03-26T10:56:24Z

Photograph by Markel Redondo/Panos

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Reflecting Pool

A study published in November by the National Statistics Institute estimates Spain's population will fall this year for the first time since 1981 as unemployed immigrants return home and Spaniards in search of work emigrate. The population will drop to 41.5 million in 2052 from 46.2 million now, according to the study.

Gross domestic product in Spain, the euro region's fourth-largest economy, fell 0.8 percent in the fourth quarter from the previous three months, more than the 0.7 percent drop estimated on Jan. 30, the Madrid-based National Statistics Institute said on Feb. 28. It had declined 0.3 percent in the third quarter.

Left, a swimming pool at the empty Urbanizacion la Duquesa housing development in Casares, Malaga.