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

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, October 29 that the country has no immediate need to ask for outside aid to help deal with its debts.