As per reports, Spainsh economic system contracted a little more in 2009 than previously predicted, contracting by 3.7 percent.

According to the statement issued by the National Statistic Institute (NSI) in the month of February, the economy fell by 3.6 percent in the last year (2009), however, the recent calculation consisted of new facts and figures that were not available at that time.

In the meantime, INE also affirmed a growth of 4 percent in the year 2006, 3.6 percent in 2007 and 0.9 percent in 2008.

However, it announced that only 2006 figures can be considered 'definitive', showing novel revisions could be declared.

The country faced its worst recession in decades at 2008 end as the international financial decline compounded a disaster in the once-growing realty market and thencame back to growth during the first three months of 2010 with a growth of just 0.1%.

Meanwhile, INE released provisional facts depicting development of 0.2 percent in the period of April-June. It is planned to issue final report later this week.

The Bank of Spain eyes a reduction of 0.4 percent in 2010 before a return to growth of 0.8 percent in 2011, while IMF has revised its next year growth forecast down from 0.9 percent to 0.6 percent.