Madrid  - The Spanish economy contracted for the first time in 15 years in the third quarter, leaving the country on the verge of recession.

The gross domestic product (GDP) shrank 0.2 per cent in its first quarterly contraction since 1993, the National Statistics Institute said.

Between July and September, the economy grew only 0.9 per cent year-on-year.

Analysts attribute the slowdown mainly to the collapse of the key construction sector and the international financial crisis. (dpa)