MADRID, Nov 14: The Spanish economy contracted in the third quarter for the first time since 1993, shrinking 0.2 per cent compared with the three months to June, official figures showed on Friday, in the latest sign that the country is heading towards a recession.

Spain’s gross domestic product (GDP) rose 0.9 per cent during the third quarter over the same time last year, after posting annual growth of 1.8 per cent in the previous quarter, provisional figures from national statistics institute INE showed.

If the numbers are confirmed when INE publishes final data on November 19, it will mark the end of a 15-year Spanish boom largely driven by the country’s now collapsing housing market.—AFP