The Cyprus economy contracted at a slower pace than originally estimated between July – September of 2013, figures show.

Third quarter gross domestic product (GDP) shrank by 5.3% in real terms over the corresponding quarter of 2012, an improvement on the original estimate of a 5.5% contraction.

It is the ninth consecutive quarterly contraction for the Cyprus economy on an annual basis. The contraction began in the third quarter of 2011 and the economy of Cyprus entered recession in the second half of 2011.

Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at 5.6%, compared with the third quarter of 2012. Preliminary figures released on November 14, predicted a shrinkage of GDP of 5.7%.

Compared with the second quarter of 2013, the contraction of the economy stood at 0.8%.

Negative growth rates were recorded by the secondary sector of the economy (construction and manufacturing), as well as in the sectors of banking, trade, transport and other services.

Cyprus GDP at current prices comprised 4,200.7 mn euro in the third quarter of 2013, from 4,560.8 mn in the third quarter of 2012.

At constant prices the Cypriot GDP fell in the third quarter of 2013 to 3,566.9 mn euro from 3,767.3 mn in the corresponding quarter of 2012.