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Spain's economy shrank 0.3 percent in Q3, fifth consecutive quarterly decline

Official figures show Spain's economy shrank for the fifth quarter in a row.

Spain's National Statistics Institute says Tuesday that the country's economy contracted 0.3 percent 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 percent contraction.

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

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