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Spanish economy still shrinking

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Spanish Prime Minister Mariano Rajoy said the country does not require an immediate bailout (AP)

Spanish Prime Minister Mariano Rajoy said the country does not require an immediate bailout (AP)

Spanish Prime Minister Mariano Rajoy said the country does not require an immediate bailout (AP)

Spain's economy has shrunk for the fifth quarter in a row, official figures showed.

The National Statistics Institute said the country's economy contracted 0.3% in the third quarter compared with the previous three-month period.

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

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

Spain is in a double-dip recession and has a 25% unemployment rate.

Prime Minister Mariano Rajoy said on Monday that the country has no immediate need to ask for outside aid to help deal with its debts.

PA