RTTNews - The Spanish economy contracted for the fourth straight quarter, the advance GDP estimate from the National Institute of Statistics revealed Friday. Gross domestic product slipped at a slower pace of 1% sequentially in the second quarter versus first quarter's 1.9% drop. Economists were looking for a 0.9% fall in the second quarter.

Compared to the second quarter of 2008, the economy shrank 4.1%, larger than the 3% decline seen in the first quarter.

The flash estimate issued by the Luxembourg-based Eurostat on August 13 showed that the euro area shrank 0.1% sequentially in the second quarter, which was much slower than the 2.5% decline reported in the first quarter.

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