Madrid  - Spain's economy continued contracting in the second quarter, but the rate of the decline slowed, the National Statistics Institute (INE) said Friday.

Gross domestic product (GDP) contracted 1 per cent from the first quarter and 4.1 per cent year-on-year.

In the first quarter, the GDP had shrunk by 1.9 per cent compared with the final quarter of 2008. (dpa)