Turkey’s economic confidence index increased by 1.6% month-on-month in January, the country’s statistical authority said Thursday.

The index, calculating the confidence in the Turkish economy, increased to 96.2 this month, from 94.7 in December, the Turkish Statistical Institute (TurkStat) said.

The monthly rise was driven by increases in the consumer and services confidence indices.

The consumer confidence index posted the largest increase with 4% in the same period. The reading for retail trade and construction slipped by 0.1% and 5.2%, respectively.

The services confidence index was up by 2.9% this month compared to last month, while the real sector posted a 1.3% decrease.