(MENAFN) The economy of Cyprus shrunk 5.5 percent in the July-September period, versus the corresponding period last year, Xinhuanet reported. This year, the Cypriot economy contracted by 5.1 percent and 5.9 percent in the first and second quarters respectively. The troika which includes the European Commission, the European Central Bank and the International Monetary Fund estimates that the economy will shrink by 7.7 percent in 2013 and by 4.8 percent in 2014.