Oct 30, 4:41 AM EDT

Spanish economy grows for 5th quarter in a row

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MADRID (AP) -- Spain's economy grew by 0.5 percent in the third quarter compared with the previous three months, its fifth consecutive quarterly growth.

In provisional estimates released Thursday, the National Statistics Institute said the economy grew by 1.6 percent over the past 12 months, up from the 1.3 percent year-on-year increase registered in the second quarter.

The July-September growth figure was slightly below the 0.6 percent quarterly rate posted in the previous three-month period.

Spain fell into the first of two severe recessions in the second half of 2008 after its real estate sector collapsed. It emerged from the second slump in the latter half of 2013.

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