RTTNews - Thursday, the National Institute of Statistics said the Spanish economy contracted for the third consecutive quarter. Gross domestic product fell 1.8% sequentially in the first quarter of 2009, following a 1% decline in the fourth quarter of last year.

From the first quarter of 2008, the economy shrank 2.9% versus a 0.7% decrease seen in the fourth quarter. The first quarter numbers matched economists' expectations.

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