There were more signs that the economy is recovering on Tuesday as the national statistics office CBS said the bankruptcy rate had dropped to its lowest level since October 2008.

In total, 308 companies went bust in August, 113 down on July’s total, the CBS said. The figures do not include one-man operated companies and freelancers.

The drop was reflected across all types of businesses. However, trading companies, financial services and hospitality industry firms were most likely to go bankrupt.

The bankruptcy peak was reached in May 2013 and the total has fallen steadily since then. So far this year, 3,643 firms have gone bust, down 20% on the same eight months in 2014.

The CBS also reported that the turnover booked by IT companies, architects, law firms and other business service providers rose an average of 7.6% in the second quarter of 2015, taking them back to pre-crisis levels.

Travel agents booked the biggest growth – a rise of 20%, the CBS said.