June 24 (Reuters) - The Spanish economy shrank 0.4% in the first quarter on a quarterly basis, down from a 0% variation in the previous three-month period, final official data showed on Thursday. On an annual basis the economy shrank 4.2%, after contracting 8.9% in the fourth quarter, the statistics agency INE said on Thursday. Preliminary data from the INE had said two months ago that gross domestic product had shrunk 0.5% from the previous quarter and 4.3% from the first quarter of 2020. (Reporting by Joao Manuel Mauricio in Gdansk, Editing by Inti Landauro) Our Standards: The Thomson Reuters Trust Principles.