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NICOSIA, March 11 (Xinhua) -- Cyprus' economy registered a milder contraction than projections by its international lenders for 2013, according to official data released on Tuesday.

The Cyprus Statistical Service said the economy shrank by 5.1 percent in the fourth quarter of 2013 over the corresponding quarter of 2012 compared with a contraction of 5.3 percent flash estimate issued on Feb. 14.

Based on seasonally adjusted statistical data, throughout 2013 the Cypriot economy contracted by 5.4 percent, beating revised projections for a 7.7-percent contraction in 2013 by the troika, namely the European Commission, the European Central Bank and the International Monetary Fund.

Original estimates by the troika in March, 2013, when a 10-billion-euro (13.86-billion-U.S. dollar) bailout deal was concluded, put the downturn of the economy at 8.7 percent.

In constant prices, the eastern Mediterranean island's GDP in the fourth quarter stood at 3.0666 billion euros compared with 3.230 billion euros in the same period of 2012. Throughout 2013 the Cyprus GDP declined to 12.589 billion euros compared with 13.309 billion euros in 2012.

Based on seasonally adjusted data, the Cypriot GDP declined to 16.504 billion euros from 17.72 billion in 2012.

The Cypriot economy received three favorable reviews by the troika since its bailout a year ago, the last one only a month ago.

The Euro group meeting in Brussels on Monday gave the go ahead for the release of another tranche of loan amounting to 150 million euros to be disbursed in the first week of April.

A further 86 million euros in bailout assistance will be released by the IMF after receiving approval by its board of directors.

The Euro group said in a statement following a meeting of its finance ministers on Monday that it welcomed the troika's conclusion following its third review mission that Cyprus' adjustment program was on track.

"We commend the authorities' continued prudence in budgetary execution, which together with a less severe recession than anticipated, has contributed to meeting fiscal targets for 2013 with a considerable margin," the Euro group said.

However it pointed out that "the outlook remains challenging and maintaining fiscal discipline remains necessary."

Varvara Lepchenko of the United States celebrates after the women's singles first round match against Jelena Ostapenko of Latvia at the 2017 Rogers Cup in Toronto, Canada, Aug. 7, 2017. (XinhuaZou Zheng)

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