Spain's National Statistics Institute says the economy grew less than originally estimated in 2011, registering an increase of 0.4% instead of the earlier published 0.7%.

The INE said Monday that fresh data also showed that the economy shrank 0.3% in 2010, worse than the previously estimated 0.1% contraction.

Estimates of economic contraction of 3.7% in 2009 and 0.9% in 2008 remained unchanged.

Spanish stocks dropped, with Madrid's benchmark IBEX down 0.8% following publication of the revised data.

Spain is in its second recession in three years with near 25% unemployment. The economy contracted 0.4% in the second quarter compared with the first quarter, when it shrank 0.3%.

The government estimates the economy will contract 1.5% this year and 0.5% in 2013.