Spain's economy shrinks for 5th quarter in a row

Official figures show Spain's economy shrank for the fifth quarter in a row. Spain's National Statistics Institute on Tuesday said the country's economy contracted 0.3 per cent in the third quarter from the previous three month period.

The drop was slightly less than the central bank's estimate last week of a 0.4 per cent contraction.

Spain is in a double-dip recession and has a 25 per cent unemployment rate. Prime Minister Mariano Rajoy had said on Monday the country has no immediate need to ask for outside aid to help deal with its debts.

The economy contracted by 0.4 per cent in the second quarter and 0.3 per cent in the first quarter. The Spanish government is predicting the economy will shrink 1.5 per cent this year and 0.5 per cent the next.