The records have revealed that the island nation’s GDP has increased quite a bit since the last quarter.

According to the Cyprus Statistical Service’s data, the Gross Domestic Product (GDP) for the fiscal year’s third quarter has increased by 3.4 percent since the last one.

In a statement, the Statistical Service revealed the figures, adding that the GDP growth rate is in real terms and is based upon both working day and seasonally adjusted data.

Credits to the increase in GDP growth rate is being given to key areas, from administrative and support service systems, technical, scientific and professional activities, and even the arts, recreation, and entertainment.

The only area where there was a negative growth rate was in the insurance and financial activities sector.