Spain's economy contracts third quarter in a row

Spain's National Statistics Institute says the Spanish economy remains mired in recession after contracting 0.4 percent in the second quarter of the year from the previous three month period.

It was the third consecutive contraction following the previous two 0.3 percent quarterly declines.

A technical recession is commonly defined as two consecutive quarters of economic contraction.

The institute said Monday the second quarter decline was due to negative domestic demand, compensated somewhat by an increase in exports.

Spain with near 25 percent unemployment is struggling to avoid having to seek a financial bailout, as Greece, Ireland and Portugal have already done.